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Today's Shanghai copper main contract 1608 contract rushed back down, cut some of the intraday gains, closed at 35250 yuan / ton, basically unchanged from the pre-holiday closing price, but 0.
82% lower than the intraday high of 35540 yuan, the current Shanghai copper effectively runs below the moving average group, short-term decline risk is greater
.
In terms of external trading, although the Asian market Lun copper oscillated and rebounded today, the upper selling pressure was heavier, and the rebound was blocked, of which the 3-month London copper only rose 0.
63% to 4544 US dollars / ton, so that copper prices have not effectively broken through the upper moving average suppression
.
Macro: China's national real estate development investment from January to May increased by 7.
0% year-on-year, the growth rate was 0.
2% lower than that in January to April, while the added value of industries above designated size increased by 6% year-on-year, unchanged from April, and the data performance was mixed.
In addition, the Asian dollar index fluctuated in a narrow range around 94.
5, focusing this week on the Fed's June interest rate
meeting.
Spot: Today's Shanghai electrolytic copper spot reported a premium of 90-140 yuan / ton, and the transaction price of flat water copper was 35430-35650 yuan / ton
.
The opening copper quotation premium is firm, but because traders and downstream prefer flat water copper and wet copper, the decline of good copper premium is relatively limited
.
During the second trading session, the market began to rise, causing the current copper premium to fall, and the transaction was lighter
than in the first quarter.
Although the spot premium was firm, the basis had not yet opened the next month, discouraging traders' willingness
to speculate before delivery.
Industry: China's imports of unwrought copper and copper products increased 19.
4% year-on-year to 430,000 tonnes in May, as shipments of long-term cargoes remained strong but fell 4.
4%
month-on-month in May.
In addition, the market expects imports to slow down in June due to seasonal factors, and carry trade is not conducive to the increase
in refined copper imports.
Overall, today's Shanghai copper 1608 contract rushed back down to 35250 yuan / ton, its performance is weaker than other base metals and London copper, while technically the downward trend of Shanghai copper is obvious
.
Operationally, it is recommended that the Shanghai copper 1608 contract can be backed by 35,800 yuan below the sky, and the first target is around
34,500 yuan.
