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On Friday, the main contract of Shanghai copper 1606 opened at 37050 yuan / ton, after the opening driven by China's optimistic data expectations, bulls' confidence increased sharply, quickly increased positions to pull up copper prices to 37120 yuan / ton, trying to test the 20-day moving average pressure, closing at 36780 yuan / ton, slightly down 0.
19% from yesterday's closing price, making Shanghai copper return to the moving average interweaving operation, short-term operating range focus on 36000-38000 yuan / ton
.
London copper opened at 4830 US dollars / ton, narrow sideways during the Asian session, during the period of A shares were unstable, London copper fell twice, the lowest to 4790 US dollars / ton; During the European session, London copper was affected by the fall of the US dollar to recover its decline, and then consolidated and stabilized, as of 17:00, London copper was reported at 4815 US dollars / ton, down 0.
52%.
On the macro front, China's GDP in the first quarter was 6.
7% year-on-year, in line with market expectations, and the industrial added value of enterprises above designated size, fixed asset investment, and real estate investment in March were all significantly higher than in the previous two months
.
China's data got off to a good start, but the market has been expected for a long time, and last Friday on the last trading day of the month, crude oil prices are unstable, under the influence of many superimposed factors, bulls take profits on the high, and bears take advantage of profits to suppress the market
.
In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 20 yuan / ton - 100 yuan / ton, flat water copper trading price of 36820 yuan / ton - 36920 yuan / ton, and premium copper trading price of 36840 yuan / ton - 36980 yuan / ton
.
On the last trading day before delivery, Shanghai copper consolidation was the mainstay
.
The basis of the next month remained around 150 yuan / ton, the holder changed to the 1605 contract quotation, flat water copper report discount 120 yuan / ton - discount 100 yuan / ton, good copper newspaper discount 100 yuan / ton - discount 60 yuan / ton, but because the supply of goods is always sufficient, the downstream receipt volume is low during the week, the market is expected to further expand the discount after delivery, so there are few purchases, both downstream and traders are willing to wait and see, the characteristics of market oversupply are obvious
.
Overall, after all the important data in China were released, the market's attention will turn to the United States, copper prices to the dollar index rise reaction lagged, in a stepped fall, Shanghai copper low touched 36740 yuan / ton, closed 36780 yuan / ton, down 180 yuan / ton from the previous trading day, down 0.
49%, waiting for copper prices to give signs
of stabilization.
