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On Monday, the opening price of the Shanghai copper main 1805 month contract once rushed to 50,640 yuan in the morning, and then the price quickly fell to stabilize around 50,060 yuan, and then the price began to rise in shocks, rising to a high of 50,650 yuan before the close, closing at 50,610 yuan, up 250 yuan, or 0.
50%.
Index holdings increased by 21,716 contracts to 864,000 lots
.
Externally, LME copper opened slightly up $6,800 in March before falling back to $6,750.
5 under pressure, after which the price fluctuated to $6,844, and closed at $6,834.
5 in the Asian market, up $80, or 1.
18%.
Spot: Shanghai Nonferrous Metals Trading Center (SME) spot copper price at 50300-50380 yuan / ton, down 240 yuan / ton from the previous trading day, intraday spot continued to premium B50-B130 yuan / ton, the morning downstream buying is not good, mainly middleman operation, the market supply is more abundant but the holder is willing to sell, wet copper resources are less, the quotation later premium fell slightly and the transaction turned weak, the overall market trading is general
.
In terms of stocks, COMEX copper stocks 238424 short tons as of April 6, an increase of 6,386 tons from the previous day; LME copper stocks were 370,750 tonnes, down 2,100 tonnes from April 5; As of April 9, SSE futures inventories were 144761 tons, an increase of 6,200 tons
from the previous day.
Chile's Codelco, the world's leading state-owned miner, said its Radomiro Tomic copper miners' union had approved the company's final contract offer, successfully avoiding potential workers' strike action
due to collective bargaining contracts.
The company has been negotiating
a new collective bargaining contract with the Tomic Miners' Union.
Negotiations did not go well in late March, with 744 workers in the union rejecting Codelco's latest offer
.
The Chilean government was forced into negotiations to coordinate relations to avoid a workers
' strike.
Overall, the market's view on the trade war is cautiously optimistic, the black series led the rebound in the afternoon when inventories fell more than expected, non-ferrous metals also rebounded to recover most of the lost ground, copper prices are short-term market sentiment-oriented, and it is expected to maintain a volatile pattern after the holiday
.
From the perspective of futures, Shanghai copper main MACD gold cross, KDJ gold cross, the bottom of the price rebounded to stand on the 5-day and 10-day moving average, and relied on the narrow range above 50,000 yuan, but the upper trend line counterpressure or make the rebound weaker
.
