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Market review, the main 1907 contract of Shanghai copper on Monday was weak, and the CU1907 contract traded in the range of 47600-47880 yuan / ton, closing at 47620 yuan / ton, down 0.
54%
on the day.
Position volume 208752, -1286, futures basis +175, -95
from the previous session.
In terms of industry, according to the National Bureau of Statistics, China's air conditioning output in April was 23.
636 million units, a year-on-year increase of 15.
4%; Cumulative production from January to April was 75.
465 million units, up 12.
5%
y/y.
In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 10 ~ 90 yuan / ton, a flat water copper trading price of 47740 yuan / ton ~ 47790 yuan / ton, and a premium copper trading price of 47800 yuan / ton ~ 47850 yuan / ton
.
Shanghai copper fluctuated along 47,700 yuan / ton
.
Morning market holders quotation premium 10 ~ 70 yuan / ton, although the market inquiry positive, but the morning market transaction is not active, about ten o'clock, traders into the market to receive, low price sources are favored, flat water copper concentrated transaction at 10 ~ 20 yuan / ton, good copper transaction in the premium 70 ~ 80 yuan / ton
.
This week entered the monthly long order delivery cycle, so the overall holder of the price willingness is strong, spot quotation with the positive transaction and all the way up, but still dominated by traders active, downstream just need to buy, its performance has no bright spots
.
In terms of stocks, LME copper stocks stood at 190,550 tonnes on May 17, down 1,175 tonnes
from the previous session.
As of May 17, 2019, copper cathode stocks on the Shanghai Futures Exchange were 187,963 tons, down 6,245 tons
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.
The main 1907 contract of Shanghai copper was weak during the day, and short-term market sentiment was still under
pressure from Sino-US trade tensions.
In the spot market, the overall holders' willingness to hold prices is strong, and the spot quotations have been rising all the way with the positive transaction, but they are still dominated by active traders, and the downstream just needs to buy, and its performance has no bright spots
.
In terms of operation, it is recommended that the Shanghai copper 1907 contract be maintained between 47300-48000 yuan / ton in the short term, high selling and low absorption, and the stop loss is 300 yuan / ton
each.
