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On Friday night, Panlun copper closed at 5185.
5 US dollars / ton, down 0.
53%, with a volume of 14,000 lots, and short positions increased by 1,913 lots to 274,000 lots; the Shanghai copper main 2006 contract closed at 42,740 yuan / ton, down 0.
60%, and long positions reduced by 317 lots to 111,000 lots
.
Copper prices continued to pull back on Friday night, and both internal and external trading broke through multiple moving average support, and this round of rising market began to show fatigue
.
On the macro front, the second wave of epidemic concerns and the US retail sales in April were significantly lower than expected, the market risk aversion was stimulated, spot gold updated a new high above $1750, and the US dollar index also rose to put pressure on copper prices
.
For now, poor visibility into the timing and shape of the economic recovery, renewed escalation of trade tensions, and shallow liquidity are likely to continue to weigh
on markets.
Copper prices are expected to continue to fluctuate
at the threshold today.
In terms of the market, spot prices also rose slightly, scrap copper continued to be tight, prices rose, TC remained unchanged, Yangshan copper premium remained stable, and trading volume increased
greatly.
The fundamentals have not changed much, the mine end continues to be tight, the smelter production limit is basically determined, domestic and foreign inventories have decreased significantly, the bonded zone inventory has fallen slightly during the week, imports have maintained losses, the Shanghai ratio has risen, and scrap copper stocks have declined
.
In terms of news, Peru gradually recovered its economy, large mines took the lead in resuming work, port collection, shipment speed accelerated, overseas mine supply tight pattern has eased, while refined waste prices gradually returned to normal, refined copper substitution role weakened, but domestic industrial data improved, market optimism sentiment slightly rebounded, it is expected that spot copper prices will remain stable
today.
