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On Monday, the main contract of Shanghai copper 1607 contract continued to decline, but the decline narrowed, closing at 35160 yuan / ton at the end of the day, down 0.
48% from yesterday's closing price, but Shanghai copper performance was significantly resistant to falling to other base metals, indicating that the short-term willingness to decline has declined
.
However, at present, Shanghai copper is running below the main moving average group, and the downside risk remains
.
Externally, Asia Copper extended its decline, with the 3-month LME copper falling 0.
5% to US$4548/mt at the close of the Shanghai copper market, leaving London copper still running below the moving average group, indicating heavier selling pressure above, its performance was slightly weaker than that of Shanghai copper, and the daily closing price was close to the low set on February 16 of the year
.
On the macro front, at the G7 meeting in Japan over the weekend, countries agreed that the risk of Brexit has further complicated the global economic environment
.
On the issue of exchange rate fluctuations, the G7 emphasized the previous consensus to avoid competitive devaluation of currencies, but there are large differences
between the United States and Japan on the fluctuation of the yen exchange rate.
In addition, the dollar index continued to trade higher around 95.
2, and the rebound pattern maintained well, adding to the downward pressure
on base metals.
In terms of the market, Shanghai electrolytic copper spot reported a premium of 40-80 yuan / ton, and a flat water copper transaction price of 35120-35320 yuan / ton
.
In the morning, the quotation of cargo holders was firm, and the good copper reported a premium of 70-80 yuan / ton, but the transaction fell into a stalemate
between supply and demand.
Later, as the price of the plate rose, the willingness of the holders to cash out appeared, which slightly loosened the copper premium, and traders bought
at the bottom.
Market transactions first declined and then rose, but the actual transaction was limited
by the relatively small supply of low-priced goods.
In terms of news, China's refined copper imports in April were 341677 tons, an increase of 3.
65% year-on-year, and the cumulative import of refined copper from January to April was 1.
452 million tons, an increase of 26.
5% year-on-year, setting a record high in the same period of the previous year
.
Overall, Shanghai copper performance resisted the decline of other base metals and London copper, Shanghai copper fell to around 35,000 yuan, long and short divergence, short-term near the line or unfolded range oscillation
.
It is recommended that the Shanghai copper 1607 contract and launch a high selling and low absorption between 35500-34500 yuan / ton, with a stop loss of 350 yuan / ton
each.
