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Today's Shanghai copper main contract 1606 rushed back down, the trend is significantly weaker than other non-ferrous metals, the end of the close at 35830 yuan / ton, down 0.
2% from Friday's closing price, showing that the upper selling pressure is heavier, so that Shanghai copper effectively runs below the moving average group, currently falling to the low point since February 17 this year, down 7.
58%
from the high of 38770 yuan / ton in this round of rebound.
Externally: Copper Asia Oscillation strengthened, with the 3-month LME copper rising 0.
25% to $4680/mt at the close of the Shanghai copper market, marking the third consecutive day of low oscillation
.
In addition, on April 8, the position of London copper was 343,000 lots, down 1,874 lots from the 7th, and the copper price reduced its position downward last week, indicating that the copper market is sluggish, among which the bulls are more motivated to reduce their positions
.
Macro: The Asian dollar index continued to fall under further pressure, now trading around 93.
8, a new low since August 24 last year, indicating that the short-term decline risk has increased, which has stimulated the oscillation of U.
S.
crude oil futures to continue to rise, now rising to around $40.
81 / barrel, driving the sentiment of the commodity market to climb
.
Tomorrow, China's March trade data will be released, focusing on China's preliminary copper imports for March
.
Market: On April 12, Shanghai electrolytic copper spot reported a premium of 10 yuan / ton - 60 yuan / ton of water premium, and the transaction price of flat water copper was 35760-35920 yuan / ton
.
The basis of Shanghai copper narrowed to 50 yuan / ton in the next month, which reduced the willingness of middlemen to raise prices
.
Now copper premium is narrower than Monday, the market supply is sufficient, and imported copper is still the mainstay
.
Due to the limited premium space, speculators have reduced their interest in buying in the market, and the downstream is still in a wait-and-see state
.
The overall transaction was not as good as yesterday, and the market situation was lackluster
.
Today's Shanghai copper 1606 contract oscillation strengthened to 35980 yuan / ton, corresponding to the intraday black and chemical commodities continued to rebound strongly, highlighting the weakening of copper prices' intrinsic upward momentum, short-term difficulty in attracting bulls to long, or there is a risk
of continued pullback.
But at the same time, given the positive changes in China's economy, its downside is relatively limited
.
