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On Monday, the main contract of Shanghai copper 1606 rushed back down, showing that the upper rebound was blocked, closing at 38120 yuan / ton at the end of the day, down 2.
28% from the intraday high of 39010 yuan, and slightly up 0.
4%
from last Friday's close.
In the external market, Asia Lun copper fell into a high weak oscillation, of which the 3-month LME copper fell 0.
75% to $4993 / ton at the close of the Shanghai copper market, but copper prices are still effectively running above M200, the short-term rebound pattern remains good, and the technical support below focuses on 4900 US dollars / ton
.
Macro: The Asian dollar index oscillated and declined, the first decline in four trading days, which was regarded as a normal technical correction
.
In addition, the market is focused on the Fed's interest rate decision this week, expecting a low probability of rate hike, but the market is focused on whether the Fed will signal a rate hike in June
.
Market: On April 25, Shanghai electrolytic copper spot reported a discount of 190 yuan / ton - discount of 120 yuan / ton, flat water copper transaction price of 37680 yuan / ton - 37840 yuan / ton, premium copper trading price of 37700 yuan / ton - 37880 yuan / ton
.
The narrow range of fluctuations after the Shanghai copper rush back made traders and downstream fearful of heights, and the copper discount gradually expanded
.
The overall trading volume of the copper market is light, and the characteristics of Monday are obvious, but due to the exchange of long order demand, the rare trading is concentrated among
traders.
Downstream bearish short-term market, waiting for low-priced supplies, supply and demand are slightly sawing
.
In the late afternoon, the center of gravity of copper rose slightly, and the price of copper was still stalemated, and low-priced sources were favored, with a small number of transactions
.
In terms of news, China's refined copper imports rose sharply in March, indicating that domestic refined copper import demand is high, while exports are still at a relatively low level, partially easing the market's previous concerns
that China will export refined copper significantly.
Overall, Shanghai copper intraday consolidation, upward space is limited, upward momentum has weakened, the current month 1605 contract closed at 38,000 yuan / ton, up 180 yuan / ton from the previous trading day, an increase of 0.
48%.
The recent Shanghai copper oscillation range is 37500-39000 yuan / ton, pay attention to the lower 37500 yuan / ton first-line support
.
