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On Monday, the main contract of Shanghai copper 1807 bottomed out, trading at 51630-51270 yuan / ton during the day, and closing at 51610 yuan / ton at the end, up slightly by 0.
23% per day.
In terms of term structure, Shanghai copper maintained a positive arrangement of near, low and far high, and the positive price difference between Shanghai copper 1807 contract and 1808 contract narrowed to 160 yuan / ton
.
On the external side, the LME market is closed and trading
will resume on Tuesday.
On Friday, London copper closed under pressure at $6858 / ton, falling back to the moving average intertwined operation
.
In terms of positions, as of May 24, the position of London copper was 315,000, a daily decrease of 2,523 lots, and last week, the increase in London copper rose and fell, indicating that the long and short divergence increased
.
In terms of the market, on May 28, Shanghai electrolytic copper spot traded at a discount of 90 yuan / ton - 20 yuan / ton for the contract of the month, and the trading price of flat water copper was 51170-51230 yuan / ton
.
Morning market good copper quotation discount 40-20 yuan / ton, flat water copper discount 70 yuan / ton nearby, the transaction stopped, traders took the initiative to lower the quotation of good copper discount 50-40 yuan / ton, flat water copper discount 80 yuan / ton, the transaction is only good, wet copper quotation discount 170-150 yuan / ton, the transaction is general, the stalemate pattern is prominent
.
The price of the monthly ticket can be pulled up to 20 yuan / ton line, and most of the transactions still revolve around the demand for the month's notes, and the activity of trade speculation is low, because the discount level is not attractive, and the market transaction is weak and tasteless
.
On the macro front, the Asian dollar index retreated from its highs and is now trading around 93.
9, close to a new yearly high of 94.
29
set on Friday.
Financial markets in the UK and the US are closed, and market trading is very light
.
On the industry side, P.
Waitanta, CEO of Vedanta India Copper Ramnath said in an interview: "Vedanta Resources still wants to restart a large copper smelter in the southern Indian city, which it wants to expand despite
the smelter's shutdown for more than 50 days and blocked by the government last week," Ramnath said in an interview.
During the day, the Shanghai copper 1807 contract oscillated to close up to 51610 yuan / ton, initially running above the moving average group, showing that in the long and short scramble, the bulls temporarily dominated the advantage
.
In terms of operation, it is recommended that the Shanghai copper 1807 contract can be backed by 51300 yuan / ton to hold long orders cautiously, and the target is 52500 yuan / ton
.
