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On Wednesday, Shanghai copper rebounded sharply, the current month 1604 contract opened 36000 high 37090 low 36000 settled at 36710, the end of the market closed at 36800 yuan / ton, up 990 yuan / ton from the previous trading day, an increase of 2.
76%.
Internationally, global stock markets rose sharply on Wednesday, copper risk aversion faded, London copper rose to a nearly two-week high, and as of 16:00 Beijing time, the latest quotation of London metal (LME) copper at $4,812 rose $32
.
On the macro front, China's latest March trade data was better than expected, hitting a 13-month high, while copper imports also rose sharply in March; China's warming trade data may suggest that the economy has stabilized, market sentiment has been boosted, commodity markets have performed strongly, commodity prices have rebounded overall, and Shanghai metals have risen
across the board.
In terms of the market, on April 13, the price of Yangtze River spot 1# copper was quoted at 37100-37120 yuan / ton, up 1210 yuan / ton from the previous transaction, and the premium was 40 to 60 yuan / ton; Shanghai spot 1# electrolytic copper reported 36860 yuan / ton, up 1010 yuan / ton from the previous trading day, flat water copper trading price 36845 up 1005, premium copper trading price 36870 up 1010
.
Domestic spot copper prices rose during the day, and China's trade data was supported to ease the market's concerns about China's economic slowdown, and continued to pay attention to GDP and inflation data
.
In terms of inventories, LME global copper stocks continued to increase slightly to 147,350 tonnes as of April 11, with spot versus March premiums narrowing to $13.
75/mt
.
Copper inventories fell for the fourth week in a row, falling to 360925 tonnes last week, but remained at historically high levels overall
.
The inventory data reflects a quiet shift in the global inventory "shift" that began in the second half of last year, and domestic copper stocks began to flow out net
.
This is due to the recent tightening of warehouse supervision by the LME to prevent manipulation and the widening of domestic import losses, and the ratio of the two markets has also changed significantly, from 7.
51 to 7.
69
.
As China ramps up exports in the coming months, the ratio is expected to widen further, and you can watch for anti-arbitrage opportunities
.
In summary, copper has a short-term technical correction need, coupled with the support of a weak dollar and strong crude oil, it is expected to be dominated by a rebound trend in the short term
.
However, in the past two days, the strength of the copper rebound has been weak, and it has faced multiple moving average suppression upwards, coupled with doubts about the sustainability of the crude oil rebound, if the copper rebound is weak, it will intensify the market bearish atmosphere
.
