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Overnight, the main 1706 contract of Shanghai copper opened at 45,000 yuan / ton
.
At the beginning of the session, bulls tentatively increased their positions, touching a high of 45330 yuan / ton during the session, and then fell to the sunset moving average, and then with the outflow of short profits to close the position, Shanghai copper returned above the moving average, the high was 45490 yuan / ton, closing at 45390 yuan / ton, up 380 yuan / ton, and the position decreased by 3104 hands to 184726 lots
.
On the macro front, in the United States, the US non-farm payrolls data exceeded market expectations, the performance was good, and relevant officials of the Federal Reserve said that the pace of interest rate hikes remained unchanged, and there were still two opportunities
to raise interest rates this year.
China's first quarter economic operation data performed well, private investment maintained a recovery trend, but the PMI released slightly fell than expected, from the perspective of monetary policy, the recent tight expectations continued
.
In terms of the market, as of May 5, the spot price of Shanghai metal 1# copper was 45230 yuan / ton, down 995 yuan / ton from the previous week, 250 yuan / ton higher than the near-month contract, the hedging disk was set before the holiday at the beginning of the week, the holder's quotation was firm, pushing up the current copper premium, the downstream demand was the mainstay, mainly speculative traders, with the Shanghai copper plunge, the downstream bargain receiving volume rebounded significantly, the current copper premium continued to push up, the market enthusiasm decreased significantly, and the low-level transaction body in the week turned to downstream enterprises
.
In terms of industry, according to the latest research report of the International Copper Research Group, world copper production increased by 1 million tons in 2016 to 20.
16 million tons, an increase of 5.
3%.
The increase in copper production was mainly due to the increase in copper mining capacity in Peru, which increased by 650,000 tons, or 38%.
Chile produced 378,000 tonnes of copper in March, down 23.
1% from a year earlier, according to data released by the Chilean government, as production fell
due to the world's largest copper mine strike earlier.
Overnight, Shanghai copper low stabilized and rose, bears are still the leading force in the market, the lower track is still supportive, it is expected to be 45150~45600 yuan / ton
today.
