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LME copper rose slightly on Monday, with the 03 contract at $5825.
0 / ton as of 15:09 Beijing time, up 0.
53%
on a daily basis.
The main 1907 contract of Shanghai copper edged higher, trading at 46340-46040 yuan / ton during the day, and closing at 46250 yuan / ton at the end of the day, up 0.
52% from the closing price of the previous trading day; The trading volume was 57,300 lots, a daily decrease of 70,484 lots, and the position was 209,000 lots, a daily decrease of 2,312 lots
.
The basis is maintained at 30 yuan/ton; The price spread of Shanghai copper in 1907-08 remained at -10 yuan / ton
.
Market focus: The Asian dollar index stopped falling and moved higher, now trading at 96.
857, up slightly by 0.
27%, but still below
the moving average group.
During the period, according to customs statistics, China's trade account surplus in May was 279.
12 billion yuan, with an expected surplus of 136 billion yuan and a surplus of 93.
57 billion yuan in the previous period
.
In terms of copper industry information, China's customs data showed that China's imports of unwrought copper and copper products in May were 361,000 tons, down 49,000 tons or 11% month-on-month, ending a three-month streak of growth, and also falling 109,000 tons or 23% year-on-year, indicating that the depreciation of the renminbi reduced China's copper import demand
.
In terms of the market, the quotation of spot 1# electrolytic copper is 46160-46400 yuan / ton, and the average price is 240 yuan / ton
higher than the previous trading day.
On the first day after the holiday, it was heard that imported copper arrived into storage, and the morning holders continued the rhythm of pre-holiday quotations, with a quotation premium of 110-170 yuan / ton, but the buying interest was insufficient, the willingness of the holders to exchange cash gradually became stronger, the price pressure space was enlarged, the downstream maintained wait-and-see market consumption was weak, the market was temporarily difficult to quickly digest the imported copper, and the premium may still have room
for downward adjustment.
In terms of inventory, the total number of Shanghai copper warehouse receipts was 69,112 tons, a daily decrease of 3,374 tons; As of June 6, LME copper stocks were 211,650 tons, a weekly decrease of 350 tons; 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 12-week drop to refresh a new low
since the week of February 1.
The main 1907 contract of Shanghai copper rose slightly during the day, continuing the low consolidation, and long and short trading tended to be cautious
.
During the period, the US dollar index stopped falling and went higher, which put pressure on copper prices, while the domestic stock market rose, and the slight macro recovery partially supported copper prices
.
In terms of spot, holders continued the rhythm of pre-holiday quotations, downstream to maintain a wait-and-see market consumption is weak, the market is temporarily difficult to quickly digest imported copper, and the premium may still have room
for downward adjustment.
Technically, the main contract of Shanghai copper still has some support at the 46000 mark, while the MACD indicator continues to oscillate below the zero line, and it is expected that the short-term will continue to consolidate
at a low level.
