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On Friday, the Shanghai copper main contract 1607 contract rebounded weakly, still oscillating to the downside, closing at 35840 yuan / ton at the end of the day, down 0.
58% from the previous closing price, weaker than other base metals, indicating that its intrinsic willingness to rebound is weak
.
At present, Shanghai copper is running at the intersection of the main moving averages, and long-short trading is cautious
.
In the external market, the Asian market London copper oscillation strengthened, of which the 3-month LME copper rose 0.
93% to $4705 / ton at the close of the Shanghai copper market, but failed to help copper prices break through the upper moving average suppression, short-term copper prices fell into range oscillation sorting
.
Macro: The Asian dollar index continued to trade around 95.
2, partially limiting the height
of the base metals rebound.
However, due to the strong rise of ferrous metals in the afternoon, the market sentiment was higher, and base metals passively followed, but the trend between various commodities showed obvious differentiation
.
In terms of market: Shanghai electrolytic copper spot reported a premium of 50-80 yuan / ton of water during the day, and the transaction price of flat water copper was 35740-35900 yuan / ton
.
Despite the increasing supply in the market, copper premiums are still at a strong price
.
Intraday market conditions are more inquiries and fewer transactions
.
After a continuous rebound, the premium has not fallen, and it is difficult to attract traders or downstream buyers
.
Before the close of the afternoon market, the market rose rapidly, some holders lowered the premium for cash, good copper reported a premium of 60 yuan / ton, but the quotation of flat water copper remained firm, and the market was difficult to find a low price source
.
Weekend deals were generally lower than yesterday's
.
In terms of information: Japan's refined copper exports in April were 40,681 tons, an increase of 10.
3% year-on-year, and the cumulative exports from January to April were 214326 tons, an increase of 15.
4% year-on-year, of which refined copper exports to China were 105463 tons, accounting for 49.
2%
of its total exports.
Overall, the Shanghai copper 1607 oscillation fell to 35840 yuan / ton, its performance is weaker than other base metals and London copper, indicating that Shanghai copper rebounded to around 36000 yuan, further rising willingness is weak, short-term near the line or expand range oscillation
.
It is recommended that the Shanghai copper 1607 contract and start high selling and low absorption between 36000-35000 yuan / ton, with a stop loss of 350 yuan / ton
each.
