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On Monday, Shanghai copper was weak and consolidated, the current month 1704 contract opened 46610, the highest 47350, the lowest 46540 settled at 46960, the tail market closed down 510 yuan at 46890 yuan / ton, down 1.
08%; In terms of position, the trading volume of all Shanghai copper contracts decreased by 167314 lots 508954 lots, and the position decreased by 2528 lots to 559466 lots
.
The trading volume of the main monthly 1705 contract decreased by 95188 lots 223444 lots, and the position decreased by 6038 lots to 181914 lots
.
The results of the "Xi Special Meeting" have been announced one after another, Trump is considering re-investigating steel and aluminum and other industries, China will become its main target, the popularity of the steel market is under pressure to decline, the copper market is affected by the price decline, and it is expected that Shanghai copper will maintain a weak trend
in the short term.
In the international market, geopolitical tensions have risen due to the US air strike on Syria, global financial markets have fluctuated sharply, investors have strong risk aversion, and Intraday copper has been weak.
As of 15:00 Beijing time, London metal (LME) copper was last quoted at $5,796, down $51.
5, or 0.
88%.
Watch for the US Employment Market Conditions Index
for March.
Macro aspect: The macro environment was generally bearish
last week.
The Fed's signal to reduce its balance sheet, coupled with the sudden US military strike on Syria, led to a sharp drop in the prices of various risk assets
.
Once the Fed begins to shrink its balance sheet, the dollar will climb sharply, long-term market interest rates will rise, and correspondingly, funds will be less interested in commodities
.
Spot market: On April 10, Yangtze River spot 1# copper reported 47060 yuan / ton, down 510 yuan from the previous trading day, and the premium was 40 to 60; Guangdong spot 1# copper price was reported at 47010 yuan / ton, down 500 yuan; Huatong spot 1# copper price was 47085 yuan / ton, down 510 yuan
.
Shanghai area 1# electrolytic copper 47,000 yuan / ton, down 500; Domestic copper prices fell during the day, some holders quoted firmly, the demand side bought more on demand, the downstream was still in a wait-and-see state, and the market traded generally
.
Industry: Milpo announced on March 22 that its polymetallic mines El Porvenir and Atacocha in the Andes were hit by force majeure due to heavy rains blocking roads
.
Milpo, a Peruvian miner controlled by Brazilian industry group Votorantim Metais, said on Friday it could restart operations at both mines by the end of the week if flooding did not impose new restrictions on roads
.
Overall, Shanghai copper is still in the narrow range of 45000-49000, before the downstream consumption has not changed significantly, the copper market is vulnerable to macro and capital levels, copper prices will be repeated
in this range.
