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On Tuesday, dragged down by the black series, the domestic copper market fluctuated, and the main contract of Shanghai copper fell
in the afternoon.
The close lost 46,000 key support, closing at 45,850 yuan / ton, closing below 46,000 yuan
for the first time in recent times.
In terms of news, Citi pointed out in the report that copper prices will break through and continue to remain above
the $6,000 per ton level in the second half of the year as tight supply causes the market to turn to short supply this year.
The average price is expected to reach $6,040 in 2017 and $6,425 next year
.
The global market is expected to experience a supply shortage of 145,000 tons this year, and the shortfall will further increase to 152,000 tons and 242,000 tons next two years
.
In the spot market, the spot price of Shanghai electrolytic copper during the day was reported at 50 yuan / ton for the month's contract, the trading price of flat water copper was 46230-46330 yuan / ton, and the trading price of premium copper was 46250-46350 yuan / ton
.
Copper premium 50 yuan / ton
.
Affected by the change of month, spot copper returned to the discount, and the downstream receiving hospital was slightly raised
.
In terms of inventory, the recent recovery of LME copper inventories indicates that downstream demand is insufficient, while copper inventories on the Shanghai Futures Exchange have also increased slightly month-on-month, and sufficient copper supplies have put pressure on the spot market
.
According to the latest research report of the International Copper Research Group, world copper production increased by 1 million tons in 2016 to 20.
16 million tons, an increase of 5.
3%.
The increase in copper production was mainly due to the increase in copper mining capacity in Peru, which increased by 650,000 tons, or 38%.
Technically, the futures price tested the 46,000 support several times after the year, and maintained a strong closing strength in the early stage, maintaining above
46,000.
However, the day was dragged down by black to close at 45850 yuan / ton, and the technical form weakened
.
Operationally, the technical pattern is still weak, the night session focuses on the market's competition for the key support level of 46000, the technical pattern is weak, and the bulls are mainly wait-and-see for the time being
.
