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On Tuesday, the trend of Shanghai copper was weak, and the daily moving average fluctuated throughout the day, with the current month's 1704 contract opening at 46890 yuan / ton, the highest 46940 yuan / ton, the lowest 46450 yuan / ton, the settlement 46610 yuan / ton, the tail market closed down 490 yuan, reported at 46470 yuan / ton, down 1.
04%; In terms of position, the trading volume of all contracts of Shanghai copper increased by 26726 lots to 535680 lots, and the position increased by 20616 lots to 580082 lots
.
Shanghai copper is expected to maintain a weak trend
in the short term.
In the external market, Federal Reserve Chair Yellen said that the current US economy is performing well, interest rate hikes will be gradual, intraday Asian dollar index higher, London copper rushed back down
.
As of 15:00 Beijing time, London metal (LME) copper was last quoted at $5,744, down $11, or 0.
19%.
Watch for the US Redbook Commercial Retail Sales MoM and NFIB Small Business Confidence Index for March for the week ended April 8
.
In terms of the market, on April 11, Yangtze River spot 1# copper reported 46790 yuan / ton, down 270 yuan from the previous trading day, and the premium was 50 to 70; Guangdong spot 1# copper price was reported at 46740 yuan / ton, down 270 yuan; Huatong spot 1# copper price was 46815 yuan / ton, down 270 yuan
.
Shanghai area 1# electrolytic copper 46700 yuan / ton, down 300, flat water copper transaction 46690 down 250, premium copper transaction 46710 down 250; The world's two major copper mines have resumed supply one after another, and Southern Copper said that output has not been affected by the strike, and the current copper market oversupply concerns have eased, and copper prices have greater upward pressure; The price of copper fell slightly, the quotations of holders were firm, traders bought on demand, the downstream wait-and-see mood was strong, and the market was not trading well
.
In terms of industry, Lima, April 10, a spokesman for Southern Copper Corp said that the company's Peruvian copper miners began to hold an indefinite strike on Monday, but the operation was close to normal, Cuajone and Toquepala copper mines were operating at 98% capacity, and the Ilo refinery was operating
at 100% capacity.
This is despite the fact that a union representative said that 80% of the production capacity was affected
.
At present, the domestic copper price is relatively resistant, still maintaining at the 47,000 yuan line, reflecting the support of downstream demand, while the price has also recovered
.
However, at present, spot is still at a comprehensive discount, which is not enough to promote copper prices, and the market may turn to macro and capital speculation, and the impact of spot will recede
.
Combined with the technical pattern 47500-48000 area moving average pressure concentration area, it is recommended to leave the market
shortly.
Copper is usually prone to seasonal tops in April and May, and copper may be gradually peaking
when economic expectations are weak and spot prices are fully discounted.
Pay attention to the possibility of short selling in the middle line
.
