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LME copper extended its decline on Wednesday, and the external copper price returned to below the moving average group, and as of 15:26 Beijing time, the 03 contract was at $5926.
5 / ton, down 0.
66%
on the day.
The main 1907 contract of Shanghai copper also fluctuated and declined, trading at 47230-46780 yuan / ton during the day, and closing at 46810 yuan / ton at the end of the day, down 0.
68%
from the previous trading day's closing price.
Market focus: The Asian dollar index fluctuated slightly and is now trading at 97.
967, up 0.
009%, returning to above
the moving average group.
Intraday market data is light
.
In terms of copper industry information, according to SMM statistics, China's total imports of anode copper totaled 64,000 tons in April, an increase of 19.
7% month-on-month and a year-on-year decrease of 6.
8%.
From January to April, the cumulative import of anode copper was 252,600 tons, a cumulative decrease of 10.
6%
year-on-year.
Spot analysis: On May 29, SMM spot 1# electrolytic copper quotation was 46990-47070 yuan / ton, and the average price was 200 yuan / ton
lower than the previous trading day.
After the fall of the market, the market has a strong willingness to raise water, the morning market quotation premium 30-liter 60 yuan / ton, the morning market buying is strong, the transaction is enthusiastic, flat water copper premium 30 yuan / ton was quickly collected, so the holder raised the flat water copper quotation to 40-50 yuan / ton
.
Entering the second trading stage, the market trading heat further enhanced the willingness of cargo holders to control the price of goods, and flat water copper rose to around
60 yuan / ton.
In terms of inventory: the total number of Shanghai copper warehouse receipts was 84,575 tons, a daily decrease of 783 tons; As of May 27, LME copper stocks were 185,575 tons, down 250 tons from the previous trading day, and have fallen for four consecutive days; Copper cathode stocks on the Shanghai Futures Exchange were 172,266 tonnes in the week ended May 24, down 15,697 tonnes
from the previous week.
From a seasonal perspective, current inventories remain low compared to the last five years
.
The main 1907 contract of Shanghai copper extended its decline during the day and returned below the moving average group
.
During the period, it was mainly suppressed by the strong performance of the US dollar index, while the market risk aversion hit again, and the macro atmosphere was relatively empty
.
In the spot market, after the market declined, the market had a strong willingness to raise water, and the transaction was enthusiastic, and the market trading heat further enhanced the willingness of holders to control goods and raise prices
.
It is expected that in the context of the uncertainty of Sino-US trade negotiations, the upward trend of short-term copper prices is not easy, or it will continue to consolidate
at a low level.
