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On Friday, the main contract of Shanghai copper showed a bottoming recovery, with a running range of 50830-51370 yuan / ton, and closed at 51290 yuan / ton at the end of the day, up 0.
45% from the closing price of the previous trading day, which has not fully made up for the gap that appeared after the holiday, indicating that the selling pressure above 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 widened slightly to 170 yuan / ton
.
As of 15:35 Beijing time, the three-month LME copper was reported at $6838 / ton, down 0.
4% per day, and copper prices fell into the intertwined moving average, and the trend still oscillated
.
In terms of positions, on May 2, Luncopper's position was 318,000, and the daily position was reduced by 3,110 lots, the first time in seven trading days to reduce positions, indicating that the long and short divergence is still large
.
In terms of the market, on May 4, Shanghai electrolytic copper spot contracts reported a discount of 30 yuan / ton - 10 yuan / ton of water premium, and the transaction price of flat water copper was 50870 yuan / ton - 50900 yuan / ton
。 The hedging disk back after the holiday was set, the holder had no choice but to raise the price, the quotation held at the discount of 30-liter 10 yuan / ton, even in the second trading session, the overall transaction was weak, the holder did not make any adjustments, even wet copper also maintained stability around the discount of 100 yuan / ton, PASAR, Bulgaria such imported copper shipments are not much, close to Lufang, ISA and other quotations in the discount of 50-40 yuan / ton line, downstream after the previous day of partial receipt, intraday plate recovery downstream stopped again, The main trading contribution came from the replenishment of traders, so the good copper transaction was relatively active
.
On the macro front, the Asian U.
S.
dollar index fluctuated in a narrow range around 92.
5, and the market waited the results of the Sino-US trade talks and tonight's non-farm payrolls data
.
In addition, China's Caixin services PMI in April was 52.
9, up 0.
6% month-on-month, and the recovery of the service industry is more obvious
than that of the manufacturing industry.
In terms of industry, the latest monthly report of the International Copper Research Group (ICSG) showed that the global refined copper market was oversupplied by 33,000 tonnes in January and 14,000 tonnes in December, widening from 37,000 tonnes
in the same period last year.
Global refined copper production in January was 2.
05 million mt and consumption was 2.
02 million mt
, ICSG said.
During the day, the Shanghai copper 1806 contract oscillated to 51290 yuan / ton, still not getting rid of the average intertwined, long and short trading is still cautious, as the market waits for the results of Sino-US trade, while the recent London copper inventory continued to fall, bringing 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 1806 contract is 50800-51800 yuan / ton
.
