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Trade Service
Overnight, the main 1706 contract of Shanghai copper opened lower than 45,000 yuan / ton
.
At the beginning of the session, bears continued to increase positions to suppress, Shanghai copper below the daily moving average to 44680 yuan / ton, as the black series stopped falling, some short profits closed outflow, Shanghai copper upward repair decline, closed at 45100 yuan / ton, down 450 yuan / ton, trading volume decreased 177,000 hands to 131940 lots, and the position increased 2462 hands to 184992 lots
.
Overnight Shanghai copper stopped falling and stabilized at the lower rail, and it is expected to consolidate around the lower rail today, with an estimated operating range of 44850~45200 yuan / ton
.
In terms of news, data released yesterday showed that China's Caixin services PMI in April was 51.
5, the lowest since June 2016 and fell for four consecutive months, while the previously released Caixin manufacturing PMI also fell back to the lowest in seven months, and the growth rate of both service and manufacturing output slowed
.
The overall poor performance of China's economic data has caused concerns about industrial metal demand, and the copper market is on the bearish side, and spot copper is expected to continue to fall
today.
In terms of stocks, LME copper stocks were 317,850 tons, an increase of 32,925 tons; On the 4th, the copper warehouse order in the previous period was 83,360 tons, a decrease of 5,022 tons
.
Copper inventories continued to surge yesterday, and market worries rose, putting pressure
on copper prices.
On the technical side, Shanghai copper fell rapidly under the negative impact of the large increase in inventory, the downward space opened, and the market had the momentum to continue to go down, intraday or weak shock
.
Intraday operation advice, short on the high
.
