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Shanghai copper continued its pullback on Friday, but near the close, it recovered from the low, cutting some of the intraday declines, and the main contract closed at 36,620 yuan / ton, down 0.
6% from yesterday's closing price, and its daily closing price fell back to the low point since April 18 this year, down 6.
2%
from the high of 39,040 yuan / ton in this round of rebound.
In the external market, the Asian market London copper oscillation rebounded, partially cut the larger decline recorded this week, of which the 3-month LME copper rose 0.
79% to $4808 / ton at the close of the Shanghai copper market, the current London copper is only barely located near M60, continue to pay attention to the technical support
of the line change during the day.
Macro: U.
S.
jobless claims for the week of April 30 were 274,000, a one-year high, higher than expected, indicating a short-term slowdown in the U.
S
.
labor market, and combined with Wednesday's release of U.
S.
ADP employment is worse than expected, or suggesting that tonight's release of U.
S.
non-farm payrolls or poor performance, market risk aversion climbed, the Asian market dollar index traded around 93.
6, basically maintaining the overnight gains.
Market: On May 6, Shanghai electrolytic copper spot reported a discount of 40 yuan / ton - flat water, and the transaction price of flat water copper was 36360-36480 yuan / ton
.
Profits from hedging orders poured out, the ratio was repaired yesterday, and the source of imported goods further increased, so that holders were strongly willing to exchange cash
.
The downstream has continued to buy goods in the past few days, and the big drop has not stopped and waited
.
The current premium is difficult for traders, and holders are reluctant to further expand the discount release, so today's market shows the characteristics of oversupply, and the stalemate between supply and demand is obvious
.
Overall, Shanghai copper fell back below the moving average group, showing that the upper selling pressure is heavier, mainly suppressed by the poor performance of the global manufacturing PMI and the strengthening of the US dollar index, short-term operation ideas need to change, it is recommended that the Shanghai copper 1607 contract can be backed by 37300 yuan below the sky, the target is 36000 yuan / ton
.
