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In overnight trading yesterday, Shanghai copper fell below the previous low as concerns about China's economic risks intensified
.
The main 1607 contract of Shanghai copper opened 36240 yuan / ton, the highest 36380 yuan / ton, the lowest 35030 yuan / ton, and finally closed at 35300 yuan / ton, down 940 yuan / ton, down 2.
59%.
In terms of the market, the copper premium in early trading showed a pattern
of expansion first and then closing.
Traders bought and sold aggressively in the morning, and holders were reluctant to sell, so that the price of good copper rose rapidly from 50 yuan / ton to 70 yuan / ton
.
With the rise in market prices, holders began to actively ship, market supply increased, and copper premium was suppressed, so the transaction activity gradually faded
.
Downstream is therefore stocked for several days and wait-and-see
.
In terms of stocks, as of May 6, the previous Shanghai copper inventory reported 313168 tons, a weekly increase of 1274 tons, returning to the level of early March, after the inventory fell for six consecutive weeks, a cumulative decrease of 83083 tons or 21.
05%.
Overall, Shanghai copper fell under pressure overnight, falling below the previous low, short-term or triggering technical selling, and the risk of decline increased
.
Market panic climbed
due to poor performance in US employment data and greater uncertainty in the Brexit referendum.
It is recommended that after the Shanghai copper 1607 contract is short-short around 35,050 yuan, it can continue to sell high below 36,000 yuan
.
