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The LME copper market
is closed on Monday.
The main 2107 contract of Shanghai copper continued to rise slightly, with the highest 74550 yuan / ton and the lowest 72770 yuan / ton during the day, and the closing price was 73950 yuan / ton, up 0.
82% from the closing price of the previous trading day; The trading volume was 193071 lots, with a daily decrease of 52679 lots; The position was 140188 lots, an increase of 1191 lots
per day.
basis - 350 yuan/ton; Shanghai copper 2107-2108 month price difference -220 yuan / ton
.
Market focus: (1) The core PCE price index in the United States rose 3.
1% in April from the same period last year, the largest year-on-year increase since July 1992, and rose 1.
9%
year-on-year in March.
The core PCE price index rose 0.
7% in April from the previous month, the biggest month-on-month increase since October 2001, and rose 0.
4%
in March.
(2) On May 28, China's copper ore processing fee TC was 35.
5 US dollars / dry ton, down 0.
1 US dollars / dry ton
from last week.
Spot analysis: On May 31, spot 1# electrolytic copper quotation 73470-73730 yuan / ton, the average price of 73600 yuan / ton, daily increase of 210 yuan / ton
.
Yangtze River nonferrous metal report, the receiver is mainly wait-and-see, the downstream just needs to consume, the overall transaction is general
.
Warehouse receipt inventory: the total amount of Shanghai copper warehouse receipts on Monday was 151025 tons, a daily decrease of 762 tons, a drop of 9 consecutive days; On May 28, LME copper stocks were 122425 tonnes, down 1,325 tonnes
per day.
As of the week ended May 28, the previous Shanghai copper inventory was reported 207821 tons, a weekly decrease of 13,303 tons
.
Main positions: Shanghai copper main 2107 contract top 20 long positions 84195 lots, daily decrease of 1068 lots, short positions of 87460 lots, daily increase of 1329 lots, net short position of 3265 lots, daily increase of 2397 lots, more short increase, net space increase
.
Market research and judgment: Shanghai copper 2107 continued to rise
slightly on May 31.
Upstream copper processing fees TC have stabilized, but the recent strike at Chilean copper mines has reignited supply concerns
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; The recent opening of the export window and the increase in downstream bargain-hunting intentions, domestic inventories have shown a downward trend, supporting copper prices
.
Technically, the mainstream short position of the Shanghai copper 2107 contract increased significantly, and the daily KDJ low golden cross, it is expected that the short-term shock is strong
.
