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Today's Shanghai copper main contract 1707 rushed back down, trading at 46350-45850 yuan / ton during the day, and closing at 46000 yuan / ton at the end of the day, up 0.
07% on the day, down 0.
75%
from the intraday high.
Shanghai copper is still running at the intersection of moving averages, indicating that long-short trading is repeated, and short-term operation is relatively oscillating
.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1706 contract and the 1707 contract widened to 60 yuan / ton
.
External trend: Asian market London copper bottomed out, of which the 3-month London copper operating range of 5738-5701 US dollars / ton, unchanged from yesterday at 5730 US dollars / ton, its upper rebound resistance focus on M60, that is, 5751 US dollars / ton
.
In terms of positions, on May 24, the position of London copper was 329,000 lots, an increase of 1,683 hands per day, which was the third consecutive day of increase, and this week's increase in copper positions mainly rose, indicating that bulls' confidence in bargaining and longing climbed, and copper prices increased
their willingness to rise.
Macro: The Asian dollar index extended its nearly one-week low and is now trading around 97.
12, near a more than six-month low
.
At the same time, as of May 20, the number of initial jobless claims in the United States was 234,000 in the week, which was at a very low level, and the average number of initial jobless claims fell to 235,300, a 44-year low, indicating that the US labor market continues to tighten, once again providing support
for the Fed's interest rate hike in June.
In the copper industry, Japan's output of rolled copper products in April was 67,649 tons, an increase of 6.
9% year-on-year and a decrease of 2.
5%
month-on-month.
Market: On May 26, Shanghai electrolytic copper spot contract discount 90 yuan / ton - discount 40 yuan / ton, flat water copper trading price 45740-45840 yuan / ton, premium copper trading price 45760 yuan / ton - 45860 yuan / ton
.
Shanghai copper flat finishing, the last trading day before the Dragon Boat Festival holders are eager to get rid of cash, the pressure of copper supply has increased, the discount has expanded slightly, the risk aversion of middlemen has increased, the corresponding operation before the holiday is reduced, the downstream pre-holiday needs to receive goods, the transaction atmosphere tends to be flat, the pattern of supply exceeding demand is obvious, highlighting the characteristics of
the festival.
The Shanghai copper 1707 contract fell back to 46,000 yuan / ton during the day, indicating that the upper selling pressure was heavier
.
Shanghai copper fell into range-bound oscillation this week, indicating cautious long and short trading
.
It is recommended that the Shanghai copper 1707 contract can be sold high and low between 45500-46300 yuan, and the stop loss is 500 yuan / ton
each.
