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LME copper fluctuated in a narrow range at lows on Tuesday, with the 03 contract trading at $5844.
5 / mt as of 15:10 Beijing time, down 0.
39%
on the day.
The main 1907 contract of Shanghai copper opened high and volatile, trading at 46420-46060 yuan / ton during the day, closing at 46270 yuan / ton at the end of the day, up 0.
3% from the previous trading day's closing price; The trading volume was 834.
6 million lots, a daily decrease of 33802 lots; The position was 218826 10,000 lots, and the daily decrease was 5938 lots
.
The basis narrowed to 30 yuan/ton; The price spread of Shanghai copper in 1907-08 widened slightly to -40 yuan / ton
.
In the market, the Asian dollar index extended its decline and is now trading at 96.
986, down 0.
24% on the day, falling back below the 30-day moving average
.
During the period, the three major A-share indexes fell unilaterally in early trading, and the central bank's open market withdrew 90 billion yuan, but the trend of liquidity easing did not change, and the interest rate fell by 26 basis points
overnight.
Senior Fed officials have raised the possibility
of cutting interest rates.
In terms of copper industry information, ICSG released data showing that global copper production fell by 1.
8% from January to February this year, and refined copper production and consumption were flat
.
In terms of the market, the spot 1# electrolytic copper quotation is 46270-46390 yuan / ton, and the average price is 120 yuan / ton
higher than the previous trading day.
Intraday spot quotations are still firm, the market opens with a premium of 80-140 yuan / ton, the normal circulation of the market is limited, so that the holders' quotations are firm, traders continue to dominate the market, and the risk willingness makes the spot premium difficult
.
In terms of inventory, the total number of Shanghai copper warehouse receipts was 80,137 tons, a daily decrease of 2,333 tons; As of June 3, LME copper stocks were 211,800 tons, down 200 tons per day; As of the week ended May 31, the stock of copper cathode on the Shanghai Futures Exchange was 165439 tons, and the weekly construction was 6,827 tons, falling for 11 consecutive weeks to a new low
since the week of February 1.
The main 1907 contract of Shanghai copper opened high and fluctuated during the day, and the decline eased, but it was still under pressure below
the moving average group.
The period was mainly boosted by the sharp decline in the US dollar index due to the dovish speeches of the Federal Reserve, coupled with weak US economic data
.
However, risk aversion in Sino-US trade negotiations remains, the stock market declines, and the macro atmosphere in the market is still relatively bearish, which inhibits the upward
trend of copper prices.
In the spot market, the normal circulation of the market is limited, which makes the quotations of cargo holders firm.
Technically, both the KDJ and Williams indicators turned upwards, indicating a easing
of bearish sentiment.
