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On Thursday, the Shanghai copper 1608 contract opened at 35720 yuan / ton, after the opening of Shanghai copper continued to fluctuate around 35700 yuan / ton in a narrow range, in the afternoon long position copper price straight down, fell below the 40-day moving average after a small number of short positions outflow, copper prices fluctuated downward, low touch 35330 yuan / ton, closed at 35410 yuan / ton, up 90 yuan / ton, up 0.
25%.
In terms of external trading, London copper opened at 4639.
5 US dollars / ton, after the opening of London copper first rose slightly to 4646 US dollars / ton after the long position a large number of positions, copper prices fluctuated downward, copper prices fell to the 5-day moving average near 4566 US dollars / ton was supported, after a slight rebound under pressure on the 10-day moving average to fall, as of 17:06, London copper reported 4569.
5 US dollars / ton
.
Macro: Overnight, the Fed announced that interest rates were unchanged as scheduled, indicating that the recent Brexit referendum became a concern factor, and at the same time said that it would pay attention to data performance, the interest rate point chart showed that interest rates would be raised twice this year, and the number of officials expected to raise interest rates once this year at this meeting increased significantly compared with before
.
The dollar index has weakened due to the delay in interest rate hikes, and the Brexit referendum remains the current uncertainty in the market
.
In addition, news that China plans to appropriately increase its reserves of non-ferrous metals in the face of a surplus of commodities once pushed up copper prices
.
In terms of the market: the domestic spot premium rose by 65 yuan to 80-120 yuan, which is related to the recent discount of the near-month contract compared to the far-month contract, and the price difference between the contracts after the month has pushed the domestic spot premium higher
.
The downstream gradually entered the market during the day, but the fear of heights was obvious, and the transaction was mainly concentrated among
traders.
News: According to the World Bureau of Metal Statistics, from January to April 2016, the global copper market was oversupplied by 26,000 tons, refined copper production increased by 5.
7% year-on-year to 7.
81 million tons, and demand increased by 7.
6% year-on-year to 7.
784 million tons, of which April was a supply shortage of 109,600 tons, and the supply gap was larger
than before.
Overall, copper prices opened high and low on Thursday, and the long position was more obvious, showing that the current market willingness to do long is still limited, after all, it is in the consumption off-season, and in the short term, the Brexit referendum is still pending, and China's economic growth slowdown has not seen a turnaround, so the pattern of short-term low volatility will continue
.
