May 25 Copper Market Brief Review

Today's Shanghai copper main force opened at 43570 yuan / ton in the morning, after the opening of the short entry to pressure copper prices, Shanghai copper short-term slipped to the lowest point of the day 43400 yuan / ton, then bulls have increased their positions slightly, copper prices rebounded slightly to 43560 yuan / ton, fluctuating around the 43500 yuan / ton line in the morning, and closing at 43600 yuan / ton
at noon.
In the afternoon, copper prices continued to fluctuate, and the center of gravity rose slightly to 43560 yuan / ton
.
Near the end of the day bears exited, long force, copper prices rose to the highest point of the day 43680 yuan / ton, closed at 43650 yuan / ton, down 80 yuan / ton, down 0.
18%.

Copper prices fell
to a high level as the tight supply of overseas raw materials was expected to ease slightly in recent days, and domestic refined copper production recorded a year-on-year increase last month.
This morning, the Shanghai copper 06 contract was volatile overall, down 90 yuan / ton, or 0.
21%.

Today's spot market transaction is average, and the overall premium of the current monthly pass is up 25 yuan / ton
compared with the previous trading day.
It is reported that today's downstream procurement has rebounded from previous days, and bonded inventory continued to decrease last week, and spot premiums or short-term stability maintenance were supported by destocking, but the increase is expected to be limited
.

Today's LME is closed on bank holidays, the internal market runs independently, and the overall trend of the day is stable, running in the range of 43420-43600 yuan / ton
.
Heightened tensions between China and the United States in recent days have led investors to reassess the speed of economic recovery from the impact of the new crown epidemic, market risk aversion has rebounded, and copper prices lack upward momentum
.
Fundamentals have not changed much
.
Today's Shanghai copper closed in the sun, the upper pressure 5-day moving average, the KDJ curve crossed downward
.
The lower side is still far from multiple moving averages, and it is unlikely that it will fall below the 43000 mark
.