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On Thursday, the Shanghai copper 1606 contract was affected by the strengthening of the US dollar after the open, copper prices fell to the lowest level of 36640 yuan / ton, and then a narrow consolidation, Shanghai copper 1606 finally closed at 36860 yuan / ton, down 400 yuan / ton, down 1.
07%.
Overall, the performance of Shanghai copper is still weak, the bears are suppressed obviously, and the copper price is close to the previous rising platform, if it can effectively break down, or open downside
.
Macro: Entering the second quarter, the market will first focus on China's March manufacturing PMI index, which is currently more divided on China's economic recovery
.
In addition to the March manufacturing PMI of major economies, tonight, the United States released data such as March non-farm payrolls and unemployment rate, February construction spending, and the University of Michigan consumer confidence index for March, waiting for further guidance
from the data.
Market: The month-end effect intensified, most downstream and traders were hindered by capital factors, and the willingness to receive goods was low
.
The next month turns to a positive basis, and traders with financial strength receive goods
in an appropriate amount.
In the late afternoon, copper consolidated, the transaction price was 36640-36780 yuan / ton, the discount was slightly expanded to report the discount of 120-60 yuan / ton, the month-end effect was prominent, the downstream enterprises were tight in funds, the willingness to receive goods was not strong, and the transaction was light
.
On the supply side: Global commodities giant Glencore is investing more than US$1.
1 billion in Zambia to develop three Mopani copper mines to extend their mine life by more than 25 years
with new production processes.
Glencore said it will invest more than US$1.
1 billion in the Mopani copper mine by 2018, which will propel the mine to become a world-class copper mine
by 2023.
At present, the market does not support the copper price turnaround, still treated with a pullback, the main force of Shanghai copper correspondingly around 36,500, due to the current point sensitivity, China's official PMI has a heavy impact on sentiment, pay attention to avoid risks, bargain hunting long orders
.
