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1.
Summary of copper prices in major domestic cities
| market | name of article | Material | Price range | Change | remark | |
| Guangdong spot | 1# Copper | 1 # | 36400-36600 | Yuan/ton | -380 | Tax included |
| Shanghai spot | 1# Copper | 1 # | 36360-36500 | Yuan/ton | -470 | Tax included |
| Shanghai spot | Flat water copper | 36360-36480 | Yuan/ton | -470 | Tax included | |
| Shanghai spot | Liters of copper | 36380-36500 | Yuan/ton | -465 | Tax included | |
| Shanghai | 1# Copper | 1 # | 36400-36500 | Yuan/ton | -400 | Tax included |
| Foshan spot | 1# Electrolytic copper plate | 1 # | 33800-34000 | Yuan/ton | -300 | Tax not included |
| Jinan spot | 1# Copper | 1 # | 36550-36550 | Yuan/ton | -400 | Tax included |
| Shenyang spot | 1# Copper | 1 # | 36650-36650 | Yuan/ton | -400 | Tax included |
| Beijing spot | 1# Copper | 1 # | 36600-36600 | Yuan/ton | -400 | Tax included |
| Tianjin spot | 1# Copper | 1 # | 36600-36600 | Yuan/ton | -400 | Tax included |
| Wuxi spot | 1# Copper | 1 # | 36600-36600 | Yuan/ton | -400 | Tax included |
| Xi'an spot | 1# Copper | 1 # | 36650-36650 | Yuan/ton | -400 | Tax included |
| Chongqing spot | 1# Copper | 1 # | 36650-36650 | Yuan/ton | -400 | Tax included |
| Guangzhou spot | 1# Copper | 1 # | 36710-36710 | Yuan/ton | -380 | Tax included |
| Wuhan spot | 1# Copper | 1 # | 36600-36600 | Yuan/ton | -400 | Tax included |
| Kunming spot | 1# Copper | 1 # | 36700-36700 | Yuan/ton | -400 | Tax included |
2.
Market review
Yesterday's Shanghai copper night trading slightly gap low open, a short surge rebound after the shock fall, Shanghai copper 1607 contract slightly rushed to a high of 36920 yuan, then increased positions back down, all the way down to the 36350 line after stopping the decline and stabilizing, near the stop to reduce positions slightly rebounded, and finally closed at 36560 yuan
when the market stopped.
Shanghai copper is still fluctuating at a low level this morning, basically maintaining a narrow finishing pattern
.
The main opening price of Shanghai copper was 36810 yuan / ton, as of 15:00 pm, the latest price was 36600 yuan / ton, down 460 yuan; The lowest price during the day was 36330 yuan / ton, and the highest price was 36920 yuan / ton
.
Externally, copper futures fell today, likely to record their biggest weekly decline since early 2015, as steel and iron ore prices tumbled, accelerating the decline in commodity prices triggered by China's economic worries and a stronger dollar
.
London Metal Exchange (LME) three-month copper fell 0.
4% to $4,765 a tonne; It fell 1.
7% yesterday and hit its lowest intraday since April
18 at $4,764.
London copper could close the week 5.
4 percent lower, its biggest weekly decline since January 2015
.
3.
Overview of the domestic copper market
In terms of macro, China's economy began to warm up in an all-round way in the first quarter of this year, and all economic indicators turned from dry to prosperous in March, and the short-term economic cycle of stabilizing was basically established
.
However, this positive trend soon changed, and in April both Caixin and the official Chinese manufacturing PMI retreated, indicating that the foundation of industrial recovery is still weak, the economy is still in the process of building a bottom, market concerns are climbing again, and base metals such as copper remain under pressure
.
With the release of China's April trade data on Sunday, China's important economic data will be released next week, and investors will re-examine the state of China's economic development, and market conditions are expected to fluctuate
at that time.
In terms of the market, today's Shanghai electrolytic copper spot reported a discount of 40 yuan / ton - flat water, flat water copper transaction price of 36360 yuan / ton - 36480 yuan / ton, premium copper transaction price of 36380 yuan / ton - 36500 yuan / ton
.
According to copper manufacturers, in May, the number of orders received decreased significantly, so they tend to be cautious in raw material procurement, mainly on-demand procurement, and the overall transaction volume of the market has declined
.
However, copper prices have fallen for several days, accumulating a large decline, and the risk has been released to a certain extent, and some operators expect that the short-term copper price has limited space for further decline, so they intend to cover positions appropriately before the arrival of the small weekend to promote some transactions
.
4.
Copper closing situation
Today, Shanghai copper inertia fell after the opening, and then the thread and other black varieties rebounded and strengthened, Shanghai copper bears took profits, the price recovered, 1607 finally closed at 36620 yuan / ton, down 440 yuan / ton, down 1.
19%, and the position decreased by 6500 lots
.
The total position of copper in Shanghai fell by 15,638 lots to 720,000 lots, with a total transaction volume of 600,000 lots
.
Today, Shanghai copper overall reduced its position downward, the decline has slowed down, and the evening focus on support
around 36300 yuan / ton.
