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Shanghai copper morning review on May 31

 Last Update: 2022-12-02
 Source: Internet
 Author: User

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Overnight, Shanghai copper fell after the opening, and then pulled back at a low level, the highest 1607 contract was 35830 yuan / ton, and then the shock went lower, the low was 35650 yuan / ton, and finally Shanghai copper closed at 35690 yuan / ton, down 100 yuan / ton
.
Although crude oil has rebounded and the US dollar has fallen, the trend of copper is weak, and Shanghai copper is expected to run
within 35550 yuan / ton to 35850 yuan / ton.

Shanghai copper

In terms of market: on May 30, Shanghai electrolytic copper spot reported a premium of 40-liter 80 yuan / ton, and the transaction price of flat water copper was 35720-35780 yuan / ton
.
In the morning, copper reported a premium of 70-80 yuan / ton, and flat water copper reported a premium of 40-50 yuan / ton, but traders and downstream buyers at the end of the month were not active
.
After the start of the second quarter of trading, the premium narrowed
.
Intraday market conditions are still relatively favored for flat water copper and wet copper, so the premium is stronger than good copper
.

In terms of stocks: As of May 27, the previous period of Shanghai copper stocks reported 221212 tons, a sharp weekly decrease of 36,122 tons, the tenth consecutive week of decline, and the decline further expanded, close to the low point set on January 29 this year, a cumulative decrease of 173565 tons or 44%.

Summary of views: The main Shanghai copper contract oscillation fell slightly to 35670 yuan / ton overnight, but still maintained the technical rebound pattern
achieved last week.
At the same time, Chile's copper production in April fell year-on-year, which eased the supply pressure on the copper market
.
The Shanghai copper 1607 contract can be cautiously held above 35300 yuan, and the target reference is around
36500 yuan / ton.

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