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On Tuesday, the domestic copper market continued to fluctuate
in a narrow range near the resistance level.
After the opening of the Shanghai copper 1606 contract, dragged down by the low opening of A-shares and the instability of the black series, the copper price fell to the lowest level of 35600 yuan / ton, recording a new low since March, and then the surrounding market atmosphere turned better, crude oil also strengthened, Shanghai copper returned to the low, 1606 finally closed at 35980 yuan / ton, up 60 yuan / ton, or 0.
17%.
During the day, London copper opened at 4654.
5 US dollars / ton, fell slightly to 4640 US dollars / ton during the Asian session, and then led by black series and crude oil, copper prices returned to around 4690 US dollars / ton; The dollar plunged sharply during the European session, and London copper continued to soar after a slight adjustment, recovering the 5-day and 60-day moving averages, and as of 17:00, London copper was reported at $4718 / ton, up 1.
04%.
On the macro front, data from China, the world's largest copper consumer, showed that the industrial producer price index (PPI) fell 4.
3% year-on-year in March, the smallest decline since January 2015.
The median estimate for the Reuters poll was -4.
6 percent
.
The consumer price index rose 2.
3 percent in March from a year earlier, unchanged from the previous month and below the median estimate of 2.
5 percent
in a Reuters poll.
In terms of inventories, data released by the London Metal Exchange on April 12 showed that copper stocks fell by 900 metric tons to 146,450 tons
.
The ratio of LME copper write-off warehouses to inventory was 24.
17%.
In terms of the market, the copper market has been weak in recent days, which is related to copper fundamentals, especially concerns
about Chinese consumption and huge inventories.
This year, global inventories shifted to China, and the market understood that China's demand was better, which became the main reason
for the rise in copper prices in the early stage.
But now the market is beginning to notice China's huge inventories, and Chinese inventories have begun to resume exports, which has become the main reason for
the weakness of copper prices.
Overall, Shanghai copper first suppressed and then rose during the day, bears sharply reduced their positions, did not see the obvious entry of bulls, the market failed to get rid of the control of bears, continued to consolidate at a low level in the evening, and paid attention to the effective breakthrough ability
of the integer pressure level of 36,000 yuan / ton.
