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On Tuesday, the Shanghai copper main 1806 month contract rose after the morning open, and the price was under pressure after approaching 51,000 yuan again, and the price fell slightly at the end of the day, and finally closed at 50,820 yuan, up 420 yuan, or 0.
83%.
Index holdings decreased by 33,388 contracts to 805,000
.
Externally, LME copper opened volatile in March to a high of $6,910, after which the price fell back to $6,881 and closed at $6,898.
5, up $15, or 0.
23%.
In terms of spot, at the beginning of the week, due to the continuous sunshine of the market, fear of heights increased, downstream buying declined, holders of high cash willingness increased, selling increased, spot quotations fell from premium to discount, after the week due to the sharp decline in the plate, and the price difference inversion of the next month increased to make the premium low rise, the weekend bargain trading improved
.
The data showed that the operating rate of copper rod enterprises in March was 79.
40%, better than expected
.
In March, the orders of copper rod enterprises recovered well, mainly benefiting from the improvement
of the production level of downstream wire and cable enterprises.
It is reported that at present, the orders of enterprises are relatively abundant, the consumption season has arrived as scheduled, and some large copper rod enterprises can maintain a full production level
.
In addition, the price spread of refined copper rods continued to narrow in March, and even inverted for a while, which lost the price advantage of scrap copper rods, thereby boosting the demand for fine copper rods
.
The sharp drop in Shanghai copper prices in March also stimulated the enthusiasm
of downstream enterprises to prepare stocks.
Overall, this year's copper rod orders are better than in previous years, and the operating rate is increasing year-on-year
.
It is expected that the operating rate of copper rod enterprises will continue to increase to 80.
87%
in April.
In terms of news, China's GDP in the first quarter was 6.
8% year-on-year, in line with expectations; Real estate development investment in the first quarter increased by 10.
4% year-on-year, a three-year high
.
Affected by the favorable domestic macroeconomy, the trend of non-ferrous metals is still strong
.
From the perspective of futures, Shanghai copper main MACD golden cross, KDJ dead cross, price bottom rebound impact 51,000 yuan integer mark pressure failure, short-term trend may remain volatile
.
