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Domestically, China's official manufacturing PMI 50.
1 in May was flat and the previous value was less than expected, May Caixin PMI 49.
2 was lower than expected and the previous value, the steel industry PMI also weakened sharply, the new export orders index fell to a critical point, reflecting sluggish customer demand, China's economy continues to build a bottom, the main force of Shanghai copper at the beginning of the week from near the 20-day line all the way low and low, bears around 36,000 yuan continued to increase positions, Wednesday Shanghai copper straight down below the 10-day moving average, closed out of the long black line, hovered below all moving averages after the week, approaching 35,000 yuan / ton pass test support
.
The whole week increased its position by nearly 80,000 lots, the deepest decline of the week had exceeded 2%, and the weekend recovered some of the decline, and the decline narrowed sharply
.
Abroad, Fed Chair Janet Yellen said on Friday that if the data improves, interest rate hikes in the coming months are likely to be appropriate, stimulating the dollar to rise to 95.
968, refreshing the new high since March 29, but since then the United States released mixed data, making the dollar briefly fall, Thursday morning the US Beige Book said that the US economy in most parts of the country moderate growth made the dollar quickly recover to 95.
554
。 The performance of the dollar and crude oil fluctuated sharply during the week, London copper since last Friday hit a new high of $4719, at the beginning of the week fell below $4700, along the 20-day moving average under pressure decline, quickly fell below the 5-day and 10-day moving average, tested down $4565, London copper lost all moving averages again, weekly decline of 1.
5%, bulls temporarily avoided risk, $4600 was repeatedly tested
.
In terms of the market, limited by the pressure of funds and settlement at the end of the month at the beginning of the week, the willingness of cargo holders to cash out was strong, and the premium narrowed briefly
.
After entering June, the spot market rekindled the enthusiasm of raising the premium, large traders jointly sold and raised the price, the market was difficult to find a low-price source, traders bought enthusiastically, collected a low-priced flat water copper source of long orders, the premium climbed, from the beginning of the week of the premium 30-liter 60 yuan / ton, all the way to the premium 90-liter 140 yuan / ton
.
Downstream bargain hunting is still active, traders are actively inquiring, although the transaction activity is gradually suppressed with the increase of premium, but it is still difficult to suppress the trend
of rising water.
Overall, the Shanghai copper 1608 contract rebounded to 35,720 yuan / ton over the weekend, which performed better than other base metals and London copper, but it still did not get rid of the three-week low oscillation trend, indicating short-term long and short trading cautious
.
Operationally, it is recommended that the Shanghai copper 1608 contract can be 36,000 yuan as the dividing line, and the stop loss is 350 yuan / ton
each.
