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Overnight, the Shanghai copper 1607 contract opened at 35,500 yuan / ton, and after the opening, it rose sharply driven by London copper, touching 35,920 yuan / ton, and then gave up most of the gains, and finally Shanghai copper closed at 35,740 yuan / ton, up 300 yuan / ton
.
Overnight Shanghai copper rushed back down, and depending on whether many parties can connect the rally today, it is expected that Shanghai copper will run
within 35500 yuan / ton to 35900 yuan / ton today.
In terms of market: on May 16, Shanghai electrolytic copper spot reported a premium of 50-100 yuan / ton, and the transaction price of flat water copper was 35260-35400 yuan / ton
.
The Shanghai copper contract maintained the delivery level quotation, and the flat water copper reported a discount of 90 yuan / ton - a discount of 70 yuan / ton
.
Due to the recovery of the ratio, the recent increase in imported copper customs declarations, the proportion of imported copper in the domestic market in the future market is expected to remain at a high level, superimposed on delivery factors, and the subsequent supply will remain sufficient, so that traders expect the discount to expand
all the way.
Intermediaries and downstream wait for the change of month after the price discount
.
The overall oversupply of the market is obvious, and the transaction shows pre-delivery characteristics
.
Stocks: As of May 13, the previous Shanghai copper inventory was reported at 286,210 tons, a sharp decrease of 26,958 tons per week, returning to the level since February 26 this year, after the inventory fell for eight consecutive weeks, with a cumulative decrease of 108567 tons or 37.
93%.
Summary of views: Shanghai copper oscillation rebounded overnight, but the increase was relatively limited, and it had not broken through the upper moving average suppression, and the technical downside risk had not been fully released
.
It is recommended that the Shanghai copper 1607 contract can be backed by 36,300 yuan below the sky, entering around 35,900 yuan, and the first target is 35,000 yuan
.
