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Over the weekend, as the People's Bank of China's implementation of active monetary policy heated up the market for a while, the weakening of the US dollar index supported the rebound in copper prices, the main contract of Shanghai copper showed a continuation of the upward momentum in early trading, and China's release of April economic data in the morning was mostly less than expected, suppressing market confidence, and Shanghai copper then turned slightly correct, and upward pressure is still obvious
。 At present, the copper market is bearish sentiment, domestic funds continue to tighten expectations and a new round of regulation and control of the property market, macro news is not obvious favorable with technical rebound basis, the ongoing "Belt and Road" conference is in full swing, looking forward to revealing more news guidance, pay attention to the support of the 5-day moving average below 45,000 yuan, and it is expected that Shanghai copper will fluctuate in the range of 45,000-45,500 yuan to hold steady
.
In terms of the market, facing delivery today, the local source of goods out of the warehouse increased sharply over the weekend, the downstream digestion inventory process continued to advance, the arrival of local sources decreased slightly, copper prices remained stable, holders actively supported the price shipment, downstream demand has improved but not obvious, inventory dematerialization has accelerated, downstream copper manufacturers are more active in stock procurement, today's Guangdong electrolytic copper trading premium rose again, downstream users are limited in purchasing willingness, and the market transaction is more general.
South Reserve East China quotation: the average spot price of electrolytic copper was 45160 yuan, up 270 yuan; Liter discount quotation, 50 to 80 yuan, up 20 yuan
.
In East China, the holders actively quoted, the market supply is still abundant, due to the delivery date, the intraday copper quotation is relatively single, the downstream is more wait-and-see, only moderate purchase, the transaction is weak
.
At present, the mainstream trading of premium copper is about 0 yuan for futures futures next-month contracts, 20-50 yuan for flat copper discount, and 70-80 yuan
for wet copper.
South China Reserve Quotation: the average spot price of electrolytic copper was 45200 yuan, up 260 yuan; Liter discount quotation, 90 to 110 yuan, up 10 yuan
.
In Guangdong, the decrease in Guangdong inventory at the beginning of the week, coupled with the approaching monthly change, made the holders' quotations firm, unwilling to ship at low prices, but there were not many
cautious purchasers downstream.
Overall, the market is not actively traded today and the transaction volume is limited
.
At present, the mainstream trading of premium copper is about 60 yuan for futures futures contracts next month, and 20-30 yuan
for flat copper premium.
