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LME copper opened low on Friday, refreshing a new low of $5,830 / ton since January 4, and as of 15:01 Beijing time, the 03 contract was at $5,836 / ton, down 0.
39%
on the day.
The main 1907 contract of Shanghai copper also opened low and weakened, trading at 46520-46120 yuan / ton during the day, closing at 46180 yuan / ton at the end of the day, down 0.
79% from the closing price of the previous trading day; The trading volume was 237,000 lots, an increase of 24,422 lots per day, and the position was 237,000 lots, a daily decrease of 2,982 lots
.
The basis narrowed to 340 yuan/ton 46520; the Shanghai copper spread narrowed to -70 yuan/ton
in 1907-08.
Market focus: The Asian dollar index weakened and is now trading at 98.
051, down 0.
1% on the day, still running
above the moving average group.
During this period, China's official manufacturing PMI fell below the boom and bust line again in May, and the orders sub-index fell
sharply.
In terms of copper industry information, according to SMM statistics, China's total imports of anode copper totaled 64,000 tons in April, an increase of 19.
7% month-on-month and a year-on-year decrease of 6.
8%.
From January to April, the cumulative import of anode copper was 252,600 tons, a cumulative decrease of 10.
6%
year-on-year.
Spot analysis: On May 31, the spot 1# electrolytic copper quotation was 46480-46560 yuan / ton, and the average price fell by 140 yuan / ton
from the previous trading day.
Spot buying is weak, flat water copper down to 50 yuan / ton and there is room for price pressure, downstream to keep wait-and-see, no active buying, the overall market transaction atmosphere is light, some traders have low price receipts, but due to the weekend plus the end of the month, the overall trading volume is limited, the supply and demand sides continue to tug-of-war, waiting for the next week to change the month into June
.
Warehouse receipt inventory: As of May 30, LME copper stocks reported 212,450 tons, a daily increase of 27,450 tons, ending a five-week losing streak and rising to a three-week high; Copper cathode stocks on the Shanghai Futures Exchange were 172,266 tonnes in the week ended May 24, down 15,697 tonnes
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.
During the day, the main 1907 contract of Shanghai copper opened low and weakened, four consecutive negatives, refreshing a new low of 46120 yuan / ton in nearly a year, effectively running below the moving average group, and bears increased positions to suppress
.
During the period, it was mainly suppressed by risk aversion, while the US dollar index was still strongly suppressed, and the macro atmosphere was relatively bearish
.
In the spot market, spot buying is weak, the downstream remains on the sidelines, the market transaction atmosphere is generally light, some traders have received goods at low prices, and the supply and demand sides continue to tug-of-war
.
It is expected that in the context of the uncertainty of Sino-US trade negotiations, short-term copper prices may continue to decline
.
