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On Monday, the main 1705 contract of Shanghai copper opened at 47380 yuan / ton, under the pressure of short positions, copper prices began to decline at the open, after a short stay near the daily moving average, the low broke through the daily moving average, probing as low as 46900 yuan / ton, and then due to the decline of the US dollar index, short cover pushed copper prices back to the weak shock near the daily moving average, closing at 47050 yuan / ton, down 590 yuan / ton, warehouse decreased 6038 hands to 182,000 hands, trading volume decreased by 95,188 hands to 223,000 hands
。 The Shanghai copper 1706 contract increased its position by 5930 lots to 174068 lots, with a trading volume of 204850 lots, and is about to complete the monthly
change.
Intraday Shanghai copper continued to decline, the market atmosphere was empty, the upper moving average group suppression is difficult to return, it is expected to be dominated by weak shocks in the short term, or closer to the lower band of the Bollinger Road
.
In terms of the external market, London copper opened low at 5826.
5 US dollars / ton on Monday, after the opening of London copper in the opening price a little consolidation, with the collective decline of commodities, copper prices along the daily moving average slowly downward, fell below 5800 US dollars / ton, London copper accelerated down, low to 5775.
5 US dollars / ton after the low stabilized, in the afternoon with the fall of the US dollar index, copper prices quickly higher to repair to 5820 US dollars / ton, into the European session, as European stocks expand the decline, copper prices turned down, as of 16:44, London copper at 5788.
5 US dollars / ton, crude oil at 52.
59 US dollars / barrel, the dollar index at 101.
21, intraday London copper opened low and low, the center of gravity shifted, the current market is still cautious, it is expected to be weak in the short term, or stabilize at 5750 US dollars / ton line
.
In terms of news, Yang Jiacai, chairman of the CBRC, said on Friday that this year will be a year of strong supervision and accountability, and the CBRC will strictly rectify the "three arbitrage" and "four improper" behaviors, and there will be punitive measures for regulatory arbitrage, transaction arbitrage, related arbitrage, improper transactions and improper fees, and the market atmosphere is empty
.
In terms of the market, Shanghai copper continued to fall, narrow finishing between the session, holders firm quotations, now copper across the board premium, helpless lack of market responders, limited strength, near noon Shanghai copper quickly fell two hundred yuan, now copper premium slightly pushed, but the overall middleman operation enthusiasm slightly declined, downstream is still on-demand delivery, the transaction is general, before delivery of the copper premium remains firm, but high premium hinders market transaction activity
。 In the afternoon period, Shanghai copper first rose and then declined, good copper premium 40-50 yuan / ton transaction are difficult, the holder lowered the quotation, premium 20 yuan / ton - premium 40 yuan / ton, flat water copper is more favored, so the quotation is firm, maintain the quotation in flat water - 20 yuan / ton, the transaction price is 46850 yuan / ton - 47090 yuan / ton
.
On the industrial front, Peruvian miner Milpo said it could restart operations at its polymetallic mines El Porvenir and Atacocha in the Andes this weekend if the floods do not impose new restrictions on roads
.
In addition, data show that China's electrolytic copper production in March was 642,000 tons, an increase of 1.
18% month-on-month and a year-on-year decrease of 0.
47%, and the cumulative output in the previous March was 1.
9075 million tons, a cumulative increase of 2.
11%
year-on-year.
It is expected that China's electrolytic copper production will continue to be suppressed by maintenance to 641,000 tons in April, down 0.
47% year-on-year, and the cumulative growth rate in April will further decline to 1.
45%.
Overall, the worries caused by supply disruptions have gradually dissipated, and although it is in the peak season, the downstream has not seen obvious entry into the market, and the transaction is temporarily treated with a shock idea
.
Beijing time will release domestic price data on Wednesday, and the US price index will be released on Friday evening, waiting for more guidance
on the news.
