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Trade Service
On Wednesday, the main contract of Shanghai copper 1607 stopped falling and stabilized, closing at 35960 yuan / ton, up slightly 0.
03% from yesterday's closing price, but the daily closing price of Shanghai copper is still close to the low set on April 11 this year, and at the same time down 8.
2%
from the high of 39040 yuan / ton in this round of rebound.
Externally, the Asian market London copper oscillated rebound, of which the 3-month LME copper rose 0.
73% to $4712 / ton at the close of the Shanghai copper market, and the current London copper is still running below the moving average group, indicating that the upper selling pressure is heavier, and the daily closing price is close to the low set on April 11 this year
.
On the macro front, the Asian dollar index basically maintained its recent rally and is now trading around 94.
1, as the market has strong expectations of the Fed's June interest rate hike, which has put pressure
on non-ferrous metals.
Lack of focus tonight, long and short or cautious trading
.
In addition, the market is currently focused on a series of Chinese economic data on the 14th, and it is expected to be neutral and bearish
.
In terms of the market, on May 11, Shanghai electrolytic copper spot reported a premium of 10-40 yuan / ton, and the transaction price of flat water copper was 35740-35840 yuan / ton
.
Near delivery, the basis widened to around 120 yuan / ton the next month, which raised the current copper premium
.
In the morning, good copper from 20 yuan / ton to 40 yuan / ton, traders buy cash selling period is strong, the market once difficult to find flat water copper and wet copper, but also intensified the strength
of good copper rise.
The market continued to consolidate at a low level, and the downstream continued to buy goods on the dip
.
In terms of news, the latest survey by Chile's National Copper Commission showed that the average copper price estimate for 2016 was lowered to 2.
19 US dollars / pound (that is, 4828 US dollars / ton), lower than the forecast of 2.
43 US dollars / pound in October last year, a decrease of 9.
87%, due to China's economic slowdown, copper production increase and the strengthening of the US dollar, so far the average LME copper value is 4722 US dollars / ton
.
Overall, the intraday Shanghai copper shock rebounded to 35960 yuan / ton, still running below the moving average group, indicating that the upper selling pressure was heavier, weighed down by global economic growth concerns and the strengthening of the US dollar index
.
It is recommended that the Shanghai copper 1607 contract can still be backed by 36600 yuan below the sky, and the target is 35200 yuan / ton
.
