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Overnight, the main 1707 contract of Shanghai copper opened at 45900 yuan / ton
.
At the beginning of the session, after a slight low to around 45800 yuan / ton, the bulls counterattacked, Shanghai copper recorded an evening high of 45990 yuan / ton, and then some bulls closed their positions and outflowed, Shanghai copper fell again below the daily moving average, the low touched 45730 yuan / ton, and the end of the day repaired the decline, closing at 45940 yuan / ton, up 80 yuan / ton, and the position increased 3322 hands to 204992 lots
.
On the macro front, the preliminary manufacturing PMI of the Eurozone in May was 57, a 73-month high; The preliminary PMI for the services sector was 56.
2; the preliminary composite PMI was 56.
8, also a 73-month high
.
Since October last year, the Eurozone PMI data has been rising, indicating that the economic recovery momentum of the Eurozone is continuing, market confidence has been boosted, and the overall performance
of the non-ferrous metals market has been positive.
In terms of the market, middlemen lack trading space, unwilling to pass multiple positions before the holiday, and coupled with the fact that the current copper discount has not reached its psychological price, the operation is mostly short, flat and fast, and the downstream continues to stock up on demand before the holiday, especially when the copper price falls back to buy goods slightly increased, the transaction is acceptable, and the recent downstream as the market dominates
.
Overnight Shanghai copper running between the 5 and 40-day moving averages, the long short-term operation increased, and the upper integer mark formed a large resistance, which is expected to run at 45600~45950 yuan / ton
within the day.
