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On Tuesday, the futures market opened higher, the Shanghai copper 1607 contract was driven, at 37780 yuan / ton high to open higher, but then China announced that the April Caixin manufacturing PMI 49.
4, the 14th consecutive month below the 50 dry line, black series change, as of the morning close, hot coil close to the drop limit, bears saw the momentum to increase their positions sharply to suppress copper prices, copper prices to 37420 yuan / ton, testing the 40-day moving average support
.
In the afternoon, the dollar dived, crude oil rose slowly, bulls quickly increased their positions to regain lost ground, and copper prices fluctuated all the way up at the end of the day, closing at 37910 yuan / ton, up 390 yuan / ton, up 1.
04%.
On Tuesday, London copper opened at 5007 US dollars / ton, during the Asian session, London copper under pressure daily moving average shock lower, hovering at 4962-4974 US dollars, the afternoon crude oil rebound led copper prices to rise back to 5000 US dollars, up to 5002 US dollars, the pressure is still heavier; During the European session, crude oil fell London copper turned downward, intraday low of 4927 US dollars / ton, as of 18:40, London copper reported 4940.
5 US dollars / ton, down 1.
91%.
In terms of the market, when the opening was relatively high, some holders exchanged cash at the high, and the discount was flat with the pre-holiday discount of 140 yuan / ton - discount of 100 yuan / ton, the source of goods was quickly absorbed and digested, and the latter fell down, traders were more and more willing to receive goods, and the market supply became tighter
.
Market transactions are concentrated among traders, and downstream inquiries are limited to a small amount of just-needed replenishment
.
On the first day after the holiday, the current copper speculative trade atmosphere was active
.
In the afternoon, the spot further tightened, the discount continued to narrow slightly at 120 yuan - 70 yuan / ton, copper first fell and then rose in the late afternoon, the transaction price was 37280-37480 yuan / ton, the tight price of goods is very prominent
.
In terms of news, Chile and Peru production in March have risen sharply, of which Peru increased by 45.
7% to 188,000 tons, Chile production increased by 3% to 489,000 tons, new capacity released as scheduled, copper concentrate processing fees have risen to 92.
1 US dollars / ton on April 29, higher than 82.
4 US dollars / ton at the beginning of the month, which is also the highest level this year, it can be seen that copper supply pressure is also increasing
.
Shanghai copper first suppressed and then rose, Shanghai copper main CU1607 contract rebounded slightly, futures price around MA5 shock to find momentum, above facing 38,000 yuan integer mark suppression, the upward momentum has weakened, the disk is in a volatile pattern, it is expected that short-term Shanghai copper will fluctuate to find momentum, it is recommended to wait and see for the time being, pay attention to changes
in market sentiment.
