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On Wednesday, the copper market was still light, the main force of Shanghai copper 1706 month bottom oscillation, after the opening did not continue the overnight rebound market, the price once fell to 44870 yuan, then rebounded to the morning opening price around 45000 yuan under pressure, then the price in a narrow range of volatility slightly lower, the afternoon decline expanded, the lowest to 44730 yuan, before the close of a slight rebound
.
It finally closed at 44,860 yuan, up 160 yuan, or 0.
36%.
In terms of the external market, the LME copper bottom closed in March, opened at $5507.
5 in the morning, and then fluctuated higher after the open, once rising to a maximum of $5528 and then under pressure to fall, after which the price fluctuated in the range, and the price plunged sharply to $5498 in the afternoon, and accompanied by a huge shock, the decline narrowed before closing
.
The domestic trading session closed at $5,506, down $7.
5, or -0.
14%.
In terms of the market, on May 10, Yangtze River spot 1# copper reported 44980 yuan / ton, up 140 yuan from the previous trading day, and the premium was 80 to 100; Guangdong spot 1# copper price was 44940 yuan / ton, up 160 yuan; Huatong spot 1# copper price was 45,005 yuan / ton, up 140 yuan
.
Shanghai area 1# electrolytic copper 44900 yuan / ton, up 150 yuan, flat water copper transaction 45960 up 190, liter copper transaction 44945 up 190
.
Intraday copper prices rose, the market supply was sufficient, traders bought on demand, holders sold at high prices, and downstream inquiries increased, but the actual transaction was small, and the market transaction was light
.
In terms of news, the latest April CPI rose 1.
2%, PPI rose 6.
4% year-on-year, both less than expected, making the market wait and see again, fundamentally, London copper recent inventory slightly declined, the previous speculation of inventory bearish factors temporarily disappeared, copper prices once rose sharply, but the morning economic data weak and copper price rise
down.
In terms of industry, Melbourne May 10 news, BHP Billiton (BHP Billiton) said on Wednesday that the company has started a plan to sell Chile's Cerro Colorado copper mine, which is currently in the early stages of evaluation, the final decision has not yet been made, and whether the final sale agreement is still unknown
.
The Cerro Colorado copper mine, located in the Tarapacá region of Chile, produced 77,000 tons
in fiscal year 2016.
From the perspective of the futures plate, short-term attention to whether the price can stand on 45,000 yuan, copper futures price or mainly volatile, continue to pay attention to downstream procurement
.
