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On the first trading day after the holiday, the main contract of Shanghai copper 1806 opened 810 yuan / ton low to 50750 yuan / ton, and then showed a low opening and high walk, closing at 51190 yuan / ton at the end of the day, down 0.
72% on the day, which has not completely made up for the gap, indicating that the upper selling pressure is heavier
.
In terms of term structure, the positive price difference between the Shanghai copper 1806 contract and the 1807 contract widened slightly to 190 yuan / ton
.
In the external market, Asian Chenglun copper fell under pressure, continuing the oscillation consolidation trend for more than a week, of which the 3-month LME copper reported 6926 US dollars / ton, down 0.
58% on a daily basis, and copper prices rebounded to around M60, and the trend oscillated
.
In terms of positions, on April 25, the position of London copper was 311,000, and the daily increase was 3,397 lots.
On the macro front, the Asian dollar index has slowed its gains as it faces long-profit-taking demand after a sustained rise in recent times, and is now trading around 92.
2, but the market is currently focused on the minutes of the Fed meeting in the early hours of Thursday morning, which is expected to send more hawkish signals, which will support the dollar index
.
In addition, China's Caixin manufacturing PMI was 51.
1 in April, up 0.
1% month-on-month, continuing a slight growth trend
over the past 11 months.
Watch for the US ADP employment data for April, which will guide Friday's non-farm payrolls data
.
In terms of industry, the White House issued a presidential announcement on April 30 saying that the United States will extend the exemption period of steel and aluminum tariffs for the European Union, Canada, Mexico, Argentina, Australia, Brazil and other economies to gain time
for relevant negotiations.
In terms of the market, on May 2, Shanghai electrolytic copper spot traded at a discount of 50-20 yuan / ton for the monthly contract, and the trading price of flat water copper was 50720-50780 yuan / ton
.
On the first trading day of May, the holders still tried to raise the price, and the initial quotation was 20 yuan / ton - 2030 yuan / ton, but the response was weak and the buying was weak, and the holder gave up the price and lowered the quotation for shipment
.
After 11 o'clock, the low level of the market rose slightly, because there was no expected downstream replenishment, some traders eager to exchange cash took the initiative to lower the discount
.
The intraday market rushed to cash out because of the pre-holiday buying and selling period to make a big profit, and the trading contribution mainly came from the dip replenishment of some traders
.
During the day, the Shanghai copper 1806 contract opened low and higher to 51190 yuan / ton, mainly boosted by China's Caixin manufacturing PMI in April stronger than expected, but given that the copper technology pattern is bearish and worse than other base metals, the copper price rebound may be limited
in the context of the US dollar index maintaining a relatively strong position.
In terms of operation, it is recommended that the Shanghai copper 1806 contract can be backed by 51500 yuan / ton below the high altitude
.
