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On the last trading day of the week, the opening price of the Shanghai copper main 1805 month contract slightly pulled back to 50,300 yuan in the morning, and then the shock rose to an overnight high of around 50,500 yuan, and the price fell back to 50,210 yuan in the afternoon, closing at 50,280 yuan, down 110 yuan, or 0.
22%.
Index holdings decreased by 14,364 contracts to 842,000
.
Externally, LME copper opened slightly lower than $6,795 in March and then rebounded to $6,822, and then fluctuated at a high level, and the price fell sharply to $6,774 in the afternoon, and closed at $6,784.
5, down $25.
5, or 0.
37%,
as of the Asian market close.
In the spot market, the spot copper price of Shanghai Nonferrous Metals Trading Center (SME) was reported at 50530-50630 yuan / ton, down 10 yuan / ton from the previous trading day, intraday spot continued to premium B10-B110 yuan / ton, the morning downstream pre-holiday stocking started, the willingness to receive goods made the premium once raised, after the end of centralized procurement, the market turned weak, and the overall market trading was active
.
In terms of news, the United States announced the list of goods subject to tariffs on China, and China's Ministry of Commerce responded that it would take reciprocal measures
of the same intensity and scale.
The clouds of the Sino-US trade war have been lingering, and the sharp plunge in black has dragged copper prices to rebound, and copper prices are short-term guided by market sentiment, and it is expected that the shock pattern will remain unchanged
after the holiday.
This week, the domestic market was closed for the Qingming holiday, and some investors left the market early, which weakened copper price gains
.
Although China's 3 Caixin manufacturing PMI contradicts the official manufacturing PMI, it is currently above the boom and bust line, reflecting that the domestic economy continues to maintain stable operation
.
The second quarter is the peak demand season of the domestic copper market, and the consumption of copper enterprises such as air conditioners and refrigerators may increase, and the policy of restricting the import of "seven types of scrap" will limit the supply of imported copper scrap this year, and the current situation of domestic oversupply is expected to ease
.
Constrained supply and hopes of a recovery in demand will support copper prices, which are expected to extend their upward trend
next week.
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
.
