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On Monday, the main contract of Shanghai copper 1806 oscillated and rebounded, trading at 52050-51420 yuan / ton during the day, and closed up to 51860 yuan / ton, up 0.
89% per day.
In terms of term structure, the positive price difference between the Shanghai copper 1805 contract and the 1806 contract widened slightly to 180 yuan / ton
.
In the external market, Asian Copper oscillated and rebounded, of which the 3-month LME copper was reported at $7017 / ton, up 0.
5% on a daily basis, and now rebounded to around M60, and the trend has oscillated
.
In terms of positions, on April 19, the position of London copper was 311,000, a daily decrease of 1,283 lots, and last week's London copper position reduction rose, indicating that bears actively covered to push copper prices higher
.
In terms of the market, on April 23, Shanghai electrolytic copper spot contracts reported a premium of 260-320 yuan / ton for the month, and the trading price of flat water copper was 51750-51950 yuan / ton
.
The morning market quotation is still at the quotation level of 290-330 yuan / ton, but the transaction is weak, so some holders take the lead in opening the price adjustment mode, and strive to achieve exchange cash, good copper to 300 yuan / ton, flat water copper in the premium of about 270 yuan / ton, the transaction is gradually unfolded
.
In the second trading session, the holder again lowered the quotation of flat water copper by 260 yuan / ton, and the transaction did not change significantly, and wet copper was dragged down by the low price of Indian copper to about 220 yuan / ton
.
After eleven o'clock, the market rushed higher, the buying interest was further reduced, the premium was reduced to 250-290 yuan / ton, under the market stalemate, the quotation was not as enthusiastic as the morning market, and the number of people who stopped increased
.
Towards the end of the month, the market has begun to show the next monthly ticket offer
.
On the macro front, the Asian dollar index rebounded further, now trading around 90.
5, focusing on the preliminary value of manufacturing/services/composite PMI in the euro area, Germany and France in April; German preliminary manufacturing/services/composite PMI for April; US Chicago Fed National Activity Index for March; US Markit Manufacturing/Services/Composite PMI Flash for April; Existing home sales
in the United States for March.
In terms of industry, Chile's National Copper Commission maintained its 2018 copper price forecast unchanged at $3.
06/lb (i.
e.
$6,746/mt), while its 2019 copper price forecast remained at $3.
11/lb, while Chile's National Copper Commission expects Chile's copper production to be 5.
76 million mt this year, up 4% from 2017, slightly higher than previously expected, and copper production will jump to 5.
94 million mt
in 2019.
During the day, the Shanghai copper 1806 contract oscillated and rebounded to 51860 yuan / ton, effectively stabilizing above the moving average group, indicating that its willingness to rise is strong
.
In terms of operation, it is recommended that the Shanghai copper 1806 contract can be sold high and low between 51300-52300 yuan / ton, and the stop loss is 350 yuan / ton
each.
