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On Monday, the upward breakthrough of Shanghai copper continued to sort out the trend of nearly three weeks, showing that copper prices are willing to break upwards, and short-term rebound resistance focuses on 36,800 yuan
.
In the external market, London copper extended its rally, of which the three-month London copper rose 1.
06% to 4732 US dollars / ton, up 0.
83%
from the intraday low of 4693 US dollars / ton.
However, it has not effectively broken through the upper moving average suppression
.
On the macro front: U.
S.
non-farm payrolls rose by 38,000 in May, the worst increase since September 2010, far worse than expected, indicating that the U.
S.
labor market has deteriorated, sharply reducing expectations of the Federal Reserve to raise interest rates, and the dollar index has fallen under pressure to around 94.
1, which has greatly boosted base metals
.
Market: On June 6, Shanghai electrolytic copper spot reported a premium of 90-120 yuan / ton, and the transaction price of flat water copper was 36250-36330 yuan / ton
.
In early trading, some large traders continued to lead the maintenance of stability last Friday, and after the second trading session, it was difficult to find flat water copper below 100 yuan, and the transaction was small and difficult
.
After that, the spot good copper liter discount quickly fell back to 110-120 yuan / ton
.
The downstream is prohibitive, but only 2 trading days before the Dragon Boat Festival, so some traders take the initiative to collect water copper for downstream pick-up, and another part of traders take the long order
after the delivery of zero order of water copper.
Overall, Shanghai copper performed better than other base metals and London copper, initially getting rid of the three-week low oscillation trend, indicating that when the short-term long-short divergence increased, the bulls dominated
the predominance.
It is suggested that the Shanghai copper 1608 contract can be backed above 35,800 yuan, and the target is around
36,900 yuan.
