Copper prices rose slightly, driven by other base metals

In the external market, London copper rebounded strongly, of which as of 15:40 Beijing time, the three-month London copper was reported at 6923 US dollars / ton, up 0.
95% per day, initially running above
the moving average group.
In terms of positions, as of May 24, the position of London copper was 315,000, a daily decrease of 2,523 lots, and last week, the increase in London copper rose and fell, indicating that the long and short divergence increased
.

In terms of the market, on May 29, Shanghai electrolytic copper spot traded at a discount of 80-20 yuan / ton for the contract of the month, and the transaction price of flat water copper was 51200-51440 yuan / ton
.
Morning market flat water copper quotation discount 80-70 yuan / ton, good copper quotation discount 40-20 yuan / ton, the transaction is still deadlocked, compared with the good copper discount can be pressed to 50 yuan / ton, the transaction is
acceptable.
In the second trading session, base metals generally rose, copper accelerated, up nearly 300 yuan / ton, holders insisted on quotations, still no signs of expanding the discount, market supply and demand sides deadlock prominent
.
The demand for monthly tickets has obviously fallen short, and the market has mostly quoted for next month's tickets, so the overall transaction is not as good as the previous day, and the performance period is strong and weak
.

On the macro front, the Asian dollar index extended its rebound, hitting a new high of the year at 94.
637, as the euro fell further to 1.
1535 weighed down by Italian election concerns, and the euro has fallen more than 4.
3%
against the dollar since May.
The market is currently focused on Friday's US non-farm payrolls data
.

On the industry front, S&P Global Ratingsi: India's largest copper smelter under Vedanta is not expected to resume production
in December.

During the day, the Shanghai copper 1807 contract oscillated slightly to 51710 yuan / ton, initially running above the moving average group, showing that in the long and short scramble, the bulls temporarily dominated the advantage
.
In terms of operation, it is recommended that the Shanghai copper 1807 contract can be backed by 51300 yuan / ton to hold long orders cautiously, and the target is 52500 yuan / ton
.