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Today's Shanghai copper main contract 1707 fell under pressure, trading at 45540-45080 yuan / ton during the day, and closing at 45340 yuan / ton at the end of the day, down 0.
44%.
Shanghai copper short-term oscillation, bears dominate, downside risk is greater
.
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
.
Externally: Asian London copper oscillation lower, of which the 3-month London copper operating range is 5696-5666 US dollars / ton, slightly down 0.
32% to 5675 US dollars / ton, and its upper rebound resistance focuses on M60, that is, 5726 US dollars / ton
.
In terms of positions, on May 31, the position of London copper was 332,000 lots, a weekly increase of 9,712 lots, and last week Lun copper reduced its position and fell back, showing that the confidence of bulls to do long is still insufficient, and the bears prevail
.
Macro: The U.
S.
dollar index extended its high retreat overnight, breaking 97 again, with a low of 96.
85, while the Asian market recovered and traded around 97.
0, still relatively weak, as U.
S.
economic data was mixed, and April outstanding home sales weakened sharply than expected
.
In the copper industry, BHP Billiton said on Thursday it would lift force majeure at Chile's Escondida copper mine more than a month after the strike ended
.
Affected by the 43-day strike, BHP Billiton declared force majeure at the world's largest copper mine in early February
.
It is estimated that the strike could cost BHP as much as $1 billion
.
In terms of market: on June 1, Shanghai electrolytic copper spot contract discount of 70 yuan / ton - discount 20 yuan / ton, flat water copper transaction price 45140 yuan / ton - 45300 yuan / ton, premium copper trading price 45160 yuan / ton - 45340 yuan / ton
.
Shanghai copper into June holders to increase the willingness to hold the price, so that today's copper discount slightly narrowed, the middleman has not reached the psychological price, cautious to enter the market, downstream demand-based, in the copper price fell slightly into the market, but still waiting for next week to officially enter the market to receive goods, the transaction atmosphere is general
.
On the first day after the new month, the market was mostly
wait-and-see.
The Shanghai copper 1707 contract oscillated lower during the day, indicating heavier
selling pressure above.
Today's Shanghai copper ended the upward momentum, the reverse turned downward, the short-term downside risk increased, showing that the bears are dominant, the operation suggests a short strategy, the Shanghai copper 1707 contract can be backed by 45750 yuan below the high, the entry reference around
45500 yuan.
