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LME copper fell slightly on Wednesday, and as of 15:18 Beijing time, the three-month London copper was reported at $5867.
5 / ton, down 0.
38%
on a daily basis.
Shanghai copper opened high and fell, Shanghai copper main 1908 contract opened high and fell, intraday trading at 47050-46420 yuan / ton, the end of the day closed at 46480 yuan / ton, down 0.
9% from the previous trading day's closing price; The trading volume was 154,300 lots, a daily decrease of 9,018 lots; the position was 232,200 lots, an increase of 9,450 lots
per day.
The basis was expanded to 145 yuan/ton; The price difference of Shanghai copper in 1907-1908 was -20 yuan / ton
.
Market focus, the Asian dollar index continued to be weak, now trading at 96.
638, slightly down 0.
07%, still running below
the moving average group.
During the period, China's May CPI rose 2.
7% year-on-year, hitting a 15-month high, 2.
7% expected, and 2.
5%
in the previous month.
The CPI is in the "2 era"
for the third consecutive month.
According to data released by the China Association of Automobile Manufacturers, China's passenger car sales in May fell 17.
4% year-on-year, and automobile sales in May fell 16.
4%
year-on-year.
In terms of copper information, Freeport plans to start construction of a copper smelter in mid-2020, which is scheduled to come on stream later in 2023 and consume about 2 million tons
of copper concentrate per year.
Spot analysis, spot 1# electrolytic copper quotation is 46550-46700 yuan / ton, the average price is 140 yuan / ton
lower than the previous trading day.
According to reports, the market is abundant, the willingness of holders to ship for cash is strong, the morning quotation premium of 70-110 yuan / ton, almost no transaction
.
The market has no response, and the inquiry atmosphere is also weak
.
Abundant supply, weak consumption, cautious speculation, trade flow greatly reduced, near delivery next month price difference is still only in the range of 20-30 yuan / ton, the decline in premium is the trend, the market oversupply characteristics are obvious
.
warehouse receipt inventory, the total number of Shanghai copper warehouse receipts in the day was 69,733 tons, an increase of 3,050 tons per day; As of June 11, LME copper stocks were 211225 tons, down 125 tons per day, falling for four consecutive days; As of the week of June 6, the stock of copper cathode on the Shanghai Futures Exchange was 145626 tons, a weekly decrease of 19,813 tons, and a 10-week drop to refresh a new low
since the week of February 1.
The main 1908 contract of Shanghai copper opened higher and fell, partly giving up yesterday's gains
.
During this period, the market's concerns about the global economic slowdown remained, the domestic stock market weakened again, and the market risk aversion remained
.
However, the dollar index continues to be weak, and a weak short-term rally is expected to provide some support
to copper prices.
In terms of spot, the market is abundant, but consumption is weak, and the characteristics of oversupply in the market are obvious
.
Technically, the main Shanghai copper contract found support above the 5-day moving average, but the upper pressure was on the 20-day moving average, and it is expected that the short-term may fall into a volatile situation
.
In operation, it is recommended that the Shanghai copper 1908 contract can be sold high and low between 46900-46400 yuan / ton, and the stop loss is 250 yuan / ton
each.
