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On Tuesday, the main contract of Shanghai copper opened high and low, with a running range of 51680-51220 yuan / ton, and closed at 51370 yuan / ton at the end of the day, up slightly by 0.
06% from the closing price of the previous trading day, and has not yet got rid of the upper moving average suppression, indicating that the upper selling pressure is heavier
.
In terms of term structure, Shanghai copper maintained a positive arrangement of near, low, far high, and the positive price difference between Shanghai copper 1806 contract and 1807 contract slightly widened to 200 yuan / ton
.
In terms of external trading, Yashi Lun copper rushed back down, of which as of 15:50 Beijing time, the 3-month LME copper was reported at 6836 US dollars / ton, down 0.
11% per day, copper prices are still trapped in the interweaving of moving averages, the direction of operation is unknown
.
In terms of positions, on May 3, the position of London copper was 313,000, and the daily position was reduced by 5,349 lots, which was a decrease for two consecutive days, indicating that funds continued to flow out of the copper market and market sentiment was sluggish
.
On the macro front, the Asian U.
S.
dollar index fluctuated in a narrow range around 92.
8, finishing for the fifth consecutive day of high oscillation
.
In addition, the latest release of China's imports and exports in April recorded double-digit year-on-year growth, stronger than expected and prior
.
In terms of industry, China's customs data show that China's unwrought copper and copper imports in April were 442,000 tons, a slight increase of 2,000 tons or 0.
45% month-on-month, an increase of 120,000 tons or 40% year-on-year, and the monthly import volume hit a new high since December last year, at the same time, the cumulative import of unwrought copper and copper products from January to April this year was 1.
67 million tons, an increase of 15.
44% year-on-year, and the data showed that China's copper import demand in April climbed
.
In terms of the market, on May 8, Shanghai electrolytic copper spot contracts reported a premium of 10-liter 70 yuan / ton, and the trading price of flat water copper was 50960-51020 yuan / ton
.
The basis of Shanghai copper in the next month is around 230 yuan / ton, and the holders resolutely raise the quotation, and the flat water copper is fully premium
.
The market continues to show a tug-of-war, if the price spread continues to remain around 200 yuan / ton in the next month, the premium before delivery will continue to rise
.
During the day, the Shanghai copper 1807 contract oscillated to 51370 yuan / ton, still not getting rid of the average intertwined, long and short trading is still cautious, as the market focuses on the US decision on the Iran nuclear deal, but the recent decline in copper inventories has brought a partial boost, making copper prices relatively resistant
.
In terms of operation, it is recommended to wait and see for the time being, and the operating range of the Shanghai copper 1807 contract is 51000-51700 yuan / ton, and the stop loss is 350 yuan / ton
each.
