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On Thursday, the main contract of Shanghai copper 1608 fluctuated in a narrow range, closing at 35280 yuan / ton at the end of the day, up slightly by 0.
26% from yesterday's closing price, but Shanghai copper is still running below the main moving average group, indicating heavier
selling pressure above.
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.
1, which boosted non-ferrous metals
.
Watch for ECB interest rates and US ADP employment data for May tonight
.
Industry: It is reported that Jiangxi Copper will raise funds to increase the construction of its own mine resources, including the Chengmenshan Copper Mine Phase III Expansion Project, the Yinshan Mining Company's Deep Digging Potential Expansion Technology Transformation Project and the Dexing Copper Mine No.
5 (Tie Luoshan) tailings reservoir project to improve profit advantages
.
In terms of market: Shanghai electrolytic copper spot reported a premium of 80-120 yuan / ton during the day, and the transaction price of flat water copper was 35360-35460 yuan / ton
.
In the morning, copper reported a premium of 100 yuan / ton, and some large traders led the market to digest low-priced supplies, and quickly raised the premium quotation, and the market had a strong atmosphere of rising prices
.
The sentiment of the holders of goods heated up, and soon increased to 110 yuan / ton
of good copper premium.
As a result, the market is difficult to find low-priced goods, and the transaction market has changed from active to calm, but there is still no lack of inquiries
.
Overall: the intraday Shanghai copper 1608 contract oscillation edged up to 35280 yuan / ton, its performance was weaker than other base metals and London copper, and fell below the moving average group, due to the poor performance of China's manufacturing PMI in May, short-term decline risk increased
.
It is recommended that the Shanghai copper 1608 contract can be cautiously short below 35800 yuan, and the target is 34500 yuan / ton
.
