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Today's Shanghai copper main contract 1707 sideways oscillation, the end of the day closed at 45300 yuan / ton, down 0.
38%, intraday trading at 45400-44610 yuan / ton, Shanghai copper today crossed the 5-day line, showing signs
of short-term recovery.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1706 contract and 1707 contract narrowed slightly to 20 yuan / ton
.
In the external market, the Asian market London copper oscillation higher, of which the 3-month London copper operating range of 5600-5578 US dollars / ton, now up 0.
27% to 5598 US dollars / ton, back to the 5-day line nearby
.
In terms of positions, the position of London copper was 324,000 lots, a sharp decrease of 14,103 hands per day, and the copper position has been significantly reduced in the past week, indicating that short orders actively profit from the dip, and the sentiment of the copper market is still relatively sluggish
.
Macro: The Asian dollar index continued to fall and is now trading around 97.
6, significantly depleting yesterday's gains
.
Today's German PPI data was better than expected, and Eurozone CPI rose 1.
9% in April, in line with expectations and better than the previous reading
.
In addition, the latest WBMS report shows that the global copper market had an oversupply of 148,000 tons from January to March this year, compared with only 66,000 tons in the same period last year, indicating that the excess has expanded, as global copper consumption decelerated more than supply
.
From January to March, global copper production was 5.
76 million tons, down 06,000 tons year-on-year, and consumption was 5.
61 million tons, down 90,000 tons
year-on-year.
In terms of market: on May 19, Shanghai electrolytic copper spot traded at a discount of 80 yuan / ton - 30 yuan / ton for the monthly contract, the transaction price of flat water copper was 45100 yuan / ton - 45230 yuan / ton, and the transaction price of premium copper was 45130 yuan / ton - 45250 yuan / ton
.
Shanghai copper rebounded slightly, as more imported copper entered the market in the market, holders are more and more eager to exchange cash at the high, the copper discount is further expanded, imported low-end copper takes the lead in lowering the discount to seek transactions, but middlemen are still waiting for lower prices to enter the market, downstream on-demand pick-up, wait and see, the transaction is not as good as yesterday
.
The Shanghai copper 1707 contract adjusted sideways during the day, and the upper 20-day moving average had greater resistance, while the global copper market data released by WBMS showed that the surplus was more serious, which may continue to suppress
copper prices.
It is recommended that the Shanghai copper 1707 contract be bearish on the high, enter the market for reference around 45450 yuan, and target focus on around
44850 yuan.
