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On Thursday, the Shanghai copper 1607 contract opened at 35750 yuan / ton, after the opening of the long position increase accompanied by the short position reduction, Shanghai copper all the way up, rising to around 35900 yuan / ton, long and short are more cautious, have reduced positions, copper prices up and down difficult, the end of the black series rose, coking coal rose 3.
71%, thread rose 0.
62%, short positions closed a lot, copper prices were raised to 36080 yuan / ton, closed at 36060 yuan / ton, up 560 yuan / ton, up 1.
58%.
On Thursday, London copper opened at 4665.
5 US dollars / ton, during the Asian session, London copper first tested as low as 4653 US dollars / ton, guided by the jump in crude oil and the fall of the US dollar, London copper quickly rose to 4689 US dollars / ton, and then fell slightly to sort out, close to the end of the Asian market London copper and then picked up the rally; Entering the European session, London copper touched 4704 US dollars / ton, and then under pressure pullback, as of 17:00, London copper reported 4692.
5 US dollars / ton, up 0.
35%, US crude oil 07 reported 49.
85 US dollars / barrel, up 0.
59%, the dollar index reported 95.
252, down 0.
17%.
In terms of the market, the domestic spot premium was 10 yuan lower than yesterday, for 40-80 yuan, because the price continued to rebound, the willingness of holders to ship strengthened, and the premium no longer rose, but the market is still difficult to find low-priced sources
.
After receiving goods at a continuous low level, the downstream has no intention of chasing higher, and the transaction has cooled down significantly compared with the first half of the week, and the support from the spot market has slowed down
.
It is expected that copper still has room to rise, while spot premiums have been significantly suppressed, traders are bearish and premium, high shipments may increase, and there is still room for premium to fall
.
According to industry news, China's copper production increased by 14.
9% in April, compared with an increase of 11%
in the previous four months.
Such a high increase has greatly exceeded market expectations, with processing fees rising to $93-97/mt in the near future, smelters will still increase production under favorable circumstances, and copper supply will still be guaranteed
considering that copper mine production is released on schedule.
Back to the market, after the continuous decline of the market lack of suppression, short positions support copper price rebound, it is estimated that this situation will continue in the short term, trading on the side-and-see, waiting for new operating opportunities
.
