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On Thursday, affected by the unexpected 12% increase in LME inventory, the overall performance of Shanghai copper intraday was quite weak, most varieties fell sharply, iron ore, hot coil, rubber, methanol were even more sealed by the limit board, dragged down, Shanghai copper 1706 main contract hit the lowest 45010, closing at 45180 yuan / ton
.
The overall commodity atmosphere is bearish, and copper prices are likely to continue to come under pressure in the short term
.
In terms of news, it is understood that on May 3, LME copper stocks increased by 31,250 tons to 284925 tons, and the delivery behavior has started again, which has been common in the past two years, the inventory increase is caused by the concentration of large traders, and the second increase is due to the delivery of large traders, and there is still a possibility of a large increase in positions in the future, and London copper may continue to be suppressed
.
Southern Copper reported that net profit for the first quarter was $314.
4 million, up 70% from $185.
1 million in the same period last year and up 82%
from $172 million in the fourth quarter of 2016.
The increase in profit was driven by a 25% increase in copper prices and a 65.
8%
increase in zinc prices.
Southern said last month's two-week strikes at the Toquepala and Cuajone copper mines and Peru's Ilo refinery resulted in a 1,418-tonne
reduction in copper production.
In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 60 yuan / ton - 100 yuan / ton, flat water copper trading price of 45450 yuan / ton - 45650 yuan / ton, and premium copper trading price of 45470 yuan / ton - 45670 yuan / ton
.
Shanghai copper gap low open, fell 1,300 yuan, now copper premium rise, pre-holiday hedging orders have unhedged and profited, holders have shipped, but downstream in the copper price fell when the volume of goods rebounded significantly, so that the price difference between flat water copper and good copper has narrowed, the market transaction entity turned to downstream enterprises
.
The unexpected surge in LME inventories is mainly due to the concentration of deliveries by large traders in LME warehouses, and the increase in inventories and weak commodity plates will dampen market confidence in the short term, but have little impact in the medium and long term
.
Short-term traders can mainly wait and see, and medium-term traders can mainly go long in batches at 44000-45000
pullbacks.