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Today's Shanghai copper main contract 1707 bottomed out strongly, closing at 45270 yuan / ton at the end, close to the intraday high of 45330 yuan / ton, the low point rose 1.
37%, indicating that the 45000 line of technical support is strong
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1706 contract and the 1707 contract narrowed to 40 yuan / ton
.
External trend: Asian London copper oscillation rebound, of which the 3-month London copper operating range of 5566-5491 US dollars / ton, now up slightly 0.
79% to 5553 US dollars / ton, the strongest performance in more than a week
.
In terms of positions, on May 9, the position of London copper was 341,000 lots, an increase of 486 lots per day, and last week Lun copper increased its position and fell, indicating that after the long-short divergence increased, the bears temporarily dominated
.
Macro: The Asian dollar index hovers around 99.
5 and runs above
the M200.
In addition, China's vehicle sales in April fell 2.
2% y/y compared to 4% y/y in March, reducing expectations for copper demand
.
In terms of industry information, it is reported that Cerro Colorado copper miners plan to hold a 24-hour strike in the coming weeks, and earlier on Wednesday, they blocked the road
to the mine.
In terms of market: on May 11, Shanghai electrolytic copper spot contracts reported a premium of 30 yuan / ton - 60 yuan / ton of water premium, the trading price of flat water copper was 44820-44940 yuan / ton, and the trading price of premium copper was 44830 yuan / ton - 44960 yuan / ton
.
Shanghai copper flat consolidation, the current copper market is still deadlocked, holders quote very early in the morning, sufficient supply all day, price pressure is difficult, physical consumption is still difficult to improve, inquiry atmosphere is also weakened, speculators lack space speculative operations are rare, mostly short flat and fast trading, trading volume is significantly reduced, activity has dropped
significantly.
During the day, the Shanghai copper 1707 contract bottomed out and rebounded to 45270 yuan / ton, due to the decline of copper stocks for three consecutive days, and the lack of focus in the short-term market, long and short trading is cautious
.
However, in view of the short technical pattern of copper in the future, the copper price rebound is still weak, and it is recommended to maintain the bearish idea
.
It is suggested that the Shanghai copper 1707 contract can be backed by 45800 yuan below the sky, the entry reference is around 45300 yuan, and the target is around
44500 yuan.
