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On Monday, Shanghai copper fell under pressure, and the main contract 1607 closed at 35,840 yuan / ton at the end of the day, down 2.
13% from the previous closing price, and the daily closing price hit a new low since April 11 this year, while falling 8.
2%
from the high of 39,040 yuan / ton in this round of rebound.
In the external market, Asia Lun copper fell under pressure, including 3-month LME copper fell 1.
63% to $4710 / ton at the close of Shanghai copper, and Lun copper is now fully running below the moving average group, indicating that the upper selling pressure is heavier, and the daily closing price hit a new low
since April 11 this year.
On the macro front: U.
S.
nonfarm payrolls rose by just 160,000 in April, far worse than expected and the weakest pace since September 2015, meaning the U.
S.
economy began to slow
at the start of the year.
Meanwhile, China's exports fell 1.
8% year-on-year in April and imports plunged 10.
9% year-on-year, both sharply worse than expected and the previous reading, indicating a slowdown in both domestic and external demand in China, which led to high risk aversion, and the dollar index is now trading around
93.
9.
In terms of the market: in the morning, some holders quoted a good copper flat water price, flat water copper discount 30 yuan / ton - discount 20 yuan / ton, so as to attract middlemen speculative buying, the transaction is mainly flat water copper and wet copper
.
Holders are reluctant to expand the discount range
of flat water copper and wet copper.
Intraday market trading was concentrated among traders, and trading was suppressed after the market fell, and supply and demand showed a stalemate
.
News: China's imports of unwrought copper and copper products in April increased by 4.
7% year-on-year to 450,000 tons, and the cumulative import volume from January to April was 1.
88 million tons, an increase of 23% year-on-year, a record high
.
Overall, Shanghai copper continued to fall under pressure during the day, effectively running below the moving average group, indicating that the upper selling pressure was heavier, mainly suppressed by the poor performance of the global manufacturing PMI and the strengthening of the US dollar index, and short-term operation ideas need to be changed
.
It is recommended that the Shanghai copper 1607 contract be short and take profit, which can be re-backed below 36800 yuan, and the target is 35200 yuan / ton
.
