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Today's Shanghai copper main contract 1707 under pressure and heavy decline, the decline significantly expanded, intraday trading at 45310-44880 yuan / ton, the end of the day closed at 44880 yuan / ton, down 0.
8%, the daily closing price hit the level of May 10 this year, indicating that the upper selling pressure is heavier, now falling below the moving average group
.
In terms of term structure, the copper market maintained a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1706 contract and the 1707 contract narrowed to 20 yuan / ton
.
Externally: Asian London copper continued its decline and further extended its decline, of which the 3-month London copper operating range was 5659-5576 US dollars / ton, down 1.
18% to 5581 US dollars / ton, and the technical support below focused on 5500 US dollars / ton
.
In terms of positions, on June 2, the position of London copper was 333,000 lots, an increase of 1,705 lots per day, and last week Lun copper reduced its position slightly higher, showing that bears actively profited from dips, but the current sentiment of the copper market is still relatively low
.
Macro: The U.
S.
dollar index fluctuated weakly overnight, retreating and trading around 96.
7 this morning, near a new low
in more than six months.
U.
S.
durable goods orders fell 0.
8% m/m in April, down 0.
5% expected and down 0.
7% in March, while the US ISM non-manufacturing PMI came in at 56.
9 in May versus 57.
1 expected and 57.
5 in April, indicating a slight slowdown
in U.
S.
non-manufacturing expansion.
Watch the ECB interest rate meeting and the UK election
this week.
In the copper industry, Poland KGHM, the second largest copper producer in Europe, expects the average copper price to exceed $5,000/ton in 2017, and the average copper price this year is around
$5,660/ton.
In terms of market: on June 6, Shanghai electrolytic copper spot traded at a discount of 20 yuan / ton - 20 yuan / ton for the month's contract, the transaction price of flat water copper was 45040-45100 yuan / ton, and the trading price of premium copper was 45060-45120 yuan / ton
。 Holders want to stand up and ship, speculators are cautious, some middlemen due to long-term delivery demand to receive goods, flat water copper is still less price, and good copper almost no price difference, wet copper is still lack of interest, and flat water copper price difference widened, the mainstream fluctuation range of copper during the day is only within 50 yuan / ton, the source of goods is relatively quiet, although some downstream due to the fall in copper prices, the amount of received goods has increased slightly, but the overall transaction has not improved
.
The Shanghai copper 1707 contract fell under pressure to 44,880 yuan / ton during the day, indicating that the upper selling pressure was heavier, as the market was bearish
on the demand for China's copper market.
At present, copper prices choose to run downward, short-term decline risk increases, operationally recommended to maintain a short bias, Shanghai copper 1707 contract can back 45500 yuan below the sky, entry reference around 45200 yuan, the target focus on 44000 yuan
.
