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On Wednesday, Shanghai copper fluctuated below the daily average price, the current month 1705 contract opened 44850, the highest 45100, the lowest 44650, settled 44690, the tail market closed up 100 yuan at 44790 yuan / ton, up 0.
22%.
China's April CPI year-on-year increase expanded, PPI rose for the eighth consecutive month, China's latest economic data performed well to boost market confidence, copper prices rebounded, and short-term Shanghai copper trend is expected to be strong
.
On the macro front, in the United States, the US non-farm payrolls data exceeded market expectations, the performance was good, relevant officials of the Federal Reserve said that the pace of interest rate hikes remains unchanged, and there are still two interest rate hike opportunities this year, supporting the rebound
of the dollar market.
China's first quarter economic operation data performance is good, private investment maintained a recovery trend, but the PMI released slightly down from the previous month, from the perspective of monetary policy, the central bank restarted reverse repurchase, but the recent tight expectations continue.
In terms of spot, Shanghai copper is consolidating strongly, the market is long and short divergence, the basis of the next month is still maintained at 30-40 yuan / ton, the supply of copper is still abundant, the premium is basically the same as the previous day, speculators expect to absorb low-price sources, but it is generally difficult to suppress prices, the downstream wait-and-see is most, the transaction is general, and the supply and demand stalemate remains
.
In terms of stocks, COMEX copper stocks were 153,744 short tons as of May 9, up 2,594 short tons from the previous day; LME copper stocks stood at 342,825 tonnes, down 8,725 tonnes
from the previous day.
As of May 10, SSE futures inventories were 72,930 tonnes, down 1,281 tonnes
from the previous day.
In terms of the industry, according to the recent monthly report released by the International Copper Research Group (ICSG), the global refined copper supply was 51,000 tons in January 2017, compared with 44,000 tons
in the same period last year.
Chile produced 378,000 tonnes of copper in March, down 23.
1% from a year earlier, according to data released by the Chilean government, as production fell
due to the world's largest copper mine strike earlier.
Overall, China's April PPI is lower than market expectations, the macro atmosphere is still bearish, LME inventories have fallen for two consecutive days to ease market concerns, but the overall inventory of the three major exchanges is still relatively high, there is no obvious favorable support in the short term, copper prices are expected to continue the weak pattern, continue to pay attention to the first line of
support of 44,500 yuan.
FYI
.
