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Overnight, the copper market fell under pressure, including 3-month London copper closed down 1.
36% to 4841 US dollars / ton, sharply reducing the gains recorded last week, the current London copper daily closing price fell back to the low point since April 18 this year, the technical support below focus on M60, that is, 4819 US dollars / ton
.
This week, Lun copper reduced its position and fell, indicating that the bulls who entered the market in the early stage did not have enough confidence to do long, and they all reduced their positions and left the market
.
Market: On May 4, Shanghai electrolytic copper spot reported a discount of 100 yuan / ton - a discount of 20 yuan / ton, and the transaction price of flat water copper was 37000-37100 yuan / ton
.
The price spread narrowed to 60 yuan / ton - 80 yuan / ton
in the next month.
At present, traders' expectations for the current copper to premium are relatively uniform, and the market's willingness to buy at the dip continues
.
Stocks: As of May 4, LME copper stocks reported 156,500 tons, a weekly increase of 1,825 tons, still close to the September 3, 2014 level (154825 tons); At the same time, as of April 29, the previous Shanghai copper inventory reported 311894 tons, a sharp weekly decrease of 19,795 tons, for six consecutive weeks, a cumulative decrease of 83,083 tons or 21.
05%, back to the level
of early March.
Overall, due to the poor performance of the global manufacturing PMI in April, Shanghai copper continued to fall under pressure overnight, but at present, Shanghai copper is still barely running above M60, and the short-term trend should not be too pessimistic
.
It is recommended that the Shanghai copper 1607 contract can be 37000 as the stop loss level, if it falls below, it will retreat more and short, and the upper rebound resistance will focus on 38000 yuan / ton
.
