-
Categories
-
Pharmaceutical Intermediates
-
Active Pharmaceutical Ingredients
-
Food Additives
- Industrial Coatings
- Agrochemicals
- Dyes and Pigments
- Surfactant
- Flavors and Fragrances
- Chemical Reagents
- Catalyst and Auxiliary
- Natural Products
- Inorganic Chemistry
-
Organic Chemistry
-
Biochemical Engineering
- Analytical Chemistry
-
Cosmetic Ingredient
- Water Treatment Chemical
-
Pharmaceutical Intermediates
Promotion
ECHEMI Mall
Wholesale
Weekly Price
Exhibition
News
-
Trade Service
On Wednesday, the main contract of Shanghai copper 1608 contract was unable to rebound, under heavy pressure, falling to 35190 yuan / ton at the end of the day, down 1.
57% from yesterday's closing price, and the single-day decline hit a new high since May 13 this year, indicating that the upper selling pressure is heavier
.
At present, the daily closing price of Shanghai copper fell back to the low point of May 24 this year, and it is running under the intertwining of major moving averages, and the downside risk increases
.
In the external market, London copper continued to fall under pressure, of which the 3-month London copper fell 1.
04% to 4605 US dollars / ton, and fell back below the moving average group, indicating that the upper selling pressure was heavier
.
This week, Lun copper reduced its position and fell back, indicating that the sentiment of the copper market is sluggish, which is not conducive to the strengthening
of copper prices.
Macro: The Asian dollar index oscillated and fell, now trading around 95.
6, but data released within the day showed that China's official manufacturing PMI in May was 50.
1, above the 50-boom line for three consecutive months, while the Caixin manufacturing PMI fell to 49.
2 as expected, lower than the previous value of 49.
4, indicating that the domestic manufacturing industry is still in contraction, thus putting non-ferrous metals under
pressure.
In terms of market: on June 1, Shanghai electrolytic copper spot reported a premium of 50 yuan / ton - 100 yuan / ton of water premium, and the transaction price of flat water copper was 35360-35440 yuan / ton
.
In the morning, the holder shipped a small amount of goods to test the water, and the good copper reported a premium of 70-80 yuan / ton, which was quickly digested by the market, and the spot premium quotation was raised to 80 yuan / ton
of good copper premium.
Market inquiries are active, and most of them favor flat water copper to flat water copper firm.
Intraday market transactions are more active, not only traders receive goods for long orders, but also downstream gradually join the ranks of
bargain hunting.
If copper continues to fall and the inflow of imported copper continues to be tight, the current copper premium may continue to rise
.
Overall, Shanghai copper came under pressure, weaker than other base metals and London copper, and fell below the moving average group, as China's manufacturing PMI performance in May was poor, increasing short-term downside risks
.
It is recommended that the Shanghai copper 1608 contract can be backed by 35,800 yuan below the sky, and the entry reference is around 35,500 yuan, and the target is 34,500 yuan / ton
.