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LME copper extended its rally on Tuesday, with the 03 contract at $5,931.
0 a tonne as of 15:17 Beijing time, up 0.
93%
on a daily basis.
The main 1908 contract of Shanghai copper rose sharply, trading at 46940-46230 yuan / ton during the day, and closing at 46900 yuan / ton at the end of the day, up 1.
38% from the closing price of the previous trading day; The trading volume was 163,000 lots, an increase of 89,862 lots per day, and the position was 223,000 lots, an increase of 14,844 lots per day
.
The basis narrowed to -135 yuan/ton; The price spread of Shanghai copper in 1907-08 narrowed to -60 yuan / ton
.
Market focus: The Asian dollar index fell slightly flat, now trading at 96.
683, down 0.
18%, falling into a low consolidation
.
During the period, the Shanghai and Shenzhen indexes rose unilaterally, and the theme stocks blossomed in an all-round way, with only more than 40 stocks falling in the two markets and nearly 110 stocks rising and
limiting.
In terms of copper industry information, SMM reported that China's electrolytic copper production in May 2019 was 633,500 tons, down 10.
33% month-on-month and 15.
23% year-on-year, and the cumulative output from January to May was 3.
5469 million tons, down 1.
57%
year-on-year.
In terms of spot, the spot 1# electrolytic copper quotation is 46630-46900 yuan / ton, and the average price is 485 yuan / ton
higher than the previous trading day.
According to reports, the morning market is still abundant in supply, the willingness to exchange cash is clear, but the market willingness to receive goods is sluggish, the supply is abundant under the helpless reduction of quotations, market trade speculation and downstream consumption are cautious wait-and-see attitude, the supply of goods is increasing, there are few receivers, and there is room for price reduction, and the difficulty of shipment digestion slow makes spot quotations will continue to be lowered
.
In terms of the market, the total number of Shanghai copper warehouse receipts was 64,883 tons, a daily decrease of 4,229 tons; As of June 10, LME copper stocks were 211,350 tons, a daily decrease of 225 tons, a decline for three 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 rose sharply during the day, leading the rise of non-ferrous metals in Shanghai, and bulls increased their positions to boost
.
During this period, US President Trump's decision not to impose trade tariffs on Mexico for the time being partially eased investor nervousness and concerns about the global economic slowdown, and the macro atmosphere warmed
up slightly.
At the same time, the domestic stock market continued to rise, which also benefited investor sentiment
.
In terms of spot, market trade speculation and downstream consumption are cautious wait-and-see, the supply of goods is increasing, there are few receivers, and there is room for price reduction, and the difficulty of shipment and the slow digestion speed will continue to reduce spot quotations
.
Technically, the MACD indicator DIF crosses DEA upwards, and the 5-day moving average turns upward, and it is expected that the short-term is still expected to be volatile
.
