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LME copper extended its decline on Thursday, hitting a new low of $5,864/ton since Jan.
4, and as of 15:23 Beijing time, the 03 contract was at $5,868.
5/ton, down 0.
38%
on the day.
The main 1907 contract of Shanghai copper also continued to decline, trading at 46800-46440 yuan / ton during the day, closing at 46550 yuan / ton at the end of the day, down 0.
56% from the closing price of the previous trading day; The trading volume was 159,000 lots, an increase of 46,474 lots per day, and the position was 240,000 lots, an increase of 13,382 lots
per day.
The basis narrowed to 110 yuan/ton; The price spread of Shanghai copper in 1907-08 narrowed to 20 yuan / ton
.
Market focus: The Asian dollar index extended its rally and is now trading at 98.
202, up 0.
05%, effectively running above
the moving average group.
Intraday market data is light
.
In terms of copper industry information, according to SMM statistics, China's total imports of anode copper totaled 64,000 tons in April, an increase of 19.
7% month-on-month and a year-on-year decrease of 6.
8%.
From January to April, the cumulative import of anode copper was 252,600 tons, a cumulative decrease of 10.
6%
year-on-year.
Market: On May 30, SMM spot 1# electrolytic copper quotation was 46600-46720 yuan / ton, and the average price was 370 yuan / ton
lower than the previous trading day.
SMM reported that the market continued to perform a stalemate tug-of-war, continuing the previous day's quotation premium of 50-100 yuan / ton, downstream continued to buy on the dip, although traders have the willingness to receive goods at low prices, but the space for price reduction is limited
.
The quotation of the holder is stable, the willingness to raise the price remains unchanged, and the actual transaction market situation is still
deadlocked.
In terms of inventory, the total number of Shanghai copper warehouse receipts was 84,129 tons, a daily decrease of 446 tons; As of May 29, LME copper stocks were 185,000 tons, down 575 tons from the previous trading day, down for five consecutive days; Copper cathode stocks on the Shanghai Futures Exchange were 172,266 tonnes in the week ended May 24, down 15,697 tonnes
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.
The main 1907 contract of Shanghai copper continued its decline during the day, with three consecutive negatives, hitting a new low of 46440 yuan / ton since January 4, effectively running below the moving average group, and bears increased their positions sharply to suppress
.
During the period, the main risk aversion was suppressed, while the US dollar index was still strongly suppressed, and the macro atmosphere was relatively bearish
.
In the spot market, the market continues to show a stalemate and tug-of-war, and the downstream continues to buy on dips, and the actual trading market conditions are still
deadlocked.
It is expected that in the context of the uncertainty of Sino-US trade negotiations, short-term copper prices may continue to decline
.
In terms of operation, it is recommended that the Shanghai copper 1907 contract can be backed by 47,000 yuan / ton at a high altitude, with an entry reference of 46,600 yuan / ton, and a target of 46,300 yuan / ton
.
