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Domestically, it coincides with the Qingming small holiday, with only three trading days
.
The official manufacturing PMI in March was better than expected, and the manufacturing industry showed a steady and rising trend
.
Shanghai copper is currently relying on the 10-day moving average, stable above 50,000 yuan / ton, hindered around 50,600 yuan / ton, at 50,300 yuan / ton first-line consolidation momentum, up 0.
2%
during the week.
In terms of external trading, China and the United States have announced a list of products subject to tariffs in the trade war this week, but the market has basically digested
the fear of trade friction in the early stage.
U.
S.
economic data is bright, the dollar index fluctuates at the 90 line, London copper continues to stabilize and rise with the domestic rebound, based on 6750 US dollars / ton, touching the 20-day moving average of 6828 US dollars / ton, the upper pressure is still heavier, slightly falling
.
Weekly Nellun copper rose 0.
22%, and the position fell by more than 1,000 lots to 298,000 lots, continuing its decline
.
In terms of spot, after the cross-month capital relaxation, and into the traditional consumption season, coupled with the VAT reduction benefits continue to extend, traders and downstream are actively entering the market, active inquiry, active buying, small long holiday before the downstream stepped up stocking, spot quotations this week quickly pulled up, fully returned to the premium, from 120 ~ 40 yuan / ton all the way to 70 ~ 100 yuan / ton
.
The trading activity on the last trading day of the small long holiday showed a cooling trend, and the market chasing cautious mood appeared
.
But this week's performance in the goods market has been unusually hot
.
In terms of news, the eighth batch of approvals for restricted imports of solid waste has just been announced, and the approval volume of scrap copper related enterprises is 22,800 tons, an increase of 1.
6% for the first time compared with the same batch last year, but the cumulative approval volume of the first eight batches is still down 92%
year-on-year.
There are 7 approved enterprises this time, two are located in Hebei, 3 are located in Wuzhou, and 2 are located in Foshan, and enterprises in Hebei appear for the first time
.
In the first eight batches of approvals this year, there were still no enterprises located in Tianjin, and only 12,200 tons of approvals were received in Guangdong, less than the 29,000 tons
approved in the Wuzhou Park in Guangxi.
This week, the domestic market was closed for the Qingming holiday, and some investors left the market early, which weakened copper price gains
.
Although China's 3 Caixin manufacturing PMI contradicts the official manufacturing PMI, it is currently above the boom and bust line, reflecting that the domestic economy continues to maintain stable operation
.
The second quarter is the peak demand season of the domestic copper market, and the consumption of copper enterprises such as air conditioners and refrigerators may increase, and the policy of restricting the import of "seven types of scrap" will limit the supply of imported copper scrap this year, and the current situation of domestic oversupply is expected to ease
.
Constrained supply and hopes of a recovery in demand will support copper prices, which are expected to extend their upward trend
next week.
