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On Friday, the main 1708 contract of Shanghai copper opened at 45,740 yuan / ton, and the copper price continued to consolidate around 45,780 yuan / ton in the morning, and the copper price began to rise in the afternoon, pulling up to 46,000 yuan / ton, closing at 45,930 yuan / ton at the big white line, increasing positions by 1,722 lots to 221,000 lots, and increasing trading volume by 72,000 lots to 281,000 lots
.
Shanghai copper continued to rise during the day, fully standing on the middle track of Bollinger Road, the trend is firm, it is expected to continue to rise in the short term, closer to the upper rail of Bollinger Road, and follow the rise of the external market
.
In terms of external trading, on Friday, London copper opened at 5743 US dollars / ton, after the opening copper price fluctuated around the daily moving average, in the afternoon copper prices began to rise, touching as high as 5806 US dollars / ton, under pressure on the upper rail of Bollinger Road fell back, as of 17:22, London copper reported 5769.
5 US dollars / ton
.
Intraday copper pulled, the upper pressure is large, and the pullback is expected
.
In terms of the market, Shanghai copper rose sharply, the market part of the value preservation disk was trapped, the holders in order to make up for the loss continued to raise the current copper premium quotation, some middlemen in order to pull the low cost, into the market to receive goods, imported wet copper is still lack of interest, quotation is difficult to improve, and flat water copper to maintain a large price difference, downstream in the copper price after the sharp rise in the performance of caution, transaction is cautious
.
In the afternoon, the market was light, the liter discount was loosened, flat water copper reported discount 20 yuan / ton - flat water, good copper reported flat water - liter 20 yuan / ton, the transaction price was 45610 yuan / ton - 45740 yuan / ton
.
In terms of stocks, COMEX copper stocks 160298 short tons as of June 8, an increase of 878 short tons from June 7; LME copper stocks were 286,350 tonnes, down 7,875 tonnes from June 7; As of June 9, SSE futures inventories were 59,724 tons, down 100 tons
from the previous day.
At present, the main supporting factor for the rebound in copper prices during the week is the continuous decline in LME inventories, which fell by 15%
in 14 trading days.
In addition, copper imports in May increased by 30% month-on-month, reflecting that China's demand is not too bad
.
However, macro risks exist next week, with the Fed's interest rate hike and the MPA assessment of domestic banks continuing to suppress the overall commodities, focusing on the pressure on the 46,000 integer mark
.
