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On Monday, Shanghai copper rebounded weakly, still oscillating to the downside, the main contract 1607 closed at 35710 yuan / ton, down 0.
36% from Friday's closing price, weaker than other base metals, indicating its intrinsic willingness to rebound weakly
.
At present, Shanghai copper is running at the intersection of the main moving averages, and long-short trading is cautious
.
Outside the trend, the Asian LME market was closed, and the London copper oscillation rebounded in the night market on Friday, of which the 3-month London copper rose 0.
54% to $4687 / ton, up 3.
24%
from the low of 4540 US dollars / ton in this round of correction.
Macro: The Asian dollar index extended its rally, rising to around 95.
8, and this week the market focused on Friday's US non-farm payrolls, hoping for signals on whether interest rates will be raised in June, which are now expected to be high
.
In terms of market: on May 30, Shanghai electrolytic copper spot reported a premium of 40-liter 80 yuan / ton, and the transaction price of flat water copper was 35720-35780 yuan / ton
.
In the morning, copper reported a premium of 70-80 yuan / ton, and flat water copper reported a premium of 40-50 yuan / ton, but traders and downstream buyers at the end of the month were not active
.
After the start of the second quarter of trading, the premium narrowed
.
Intraday market conditions are still relatively favored for flat water copper and wet copper, so the premium is stronger than good copper
.
Information: As of the week of May 24 this year, the US copper CFTC speculative long decreased by 7024, the short increased by 3383 lots, and the speculative net position was 41053, an increase of 10407 from last week, which was the seventh consecutive week of net short, indicating that short-term speculative funds maintained a bearish idea on copper prices, and the bearish enthusiasm climbed
.
Overall, Shanghai copper performance is weaker than other base metals and London copper, indicating that Shanghai copper rebounded to around 36,000 yuan, further upward willingness is weak, short-term near the line or expand range oscillation
.
It is recommended that the Shanghai copper 1607 contract and start high selling and low absorption between 36000-35000 yuan / ton, with a stop loss of 350 yuan / ton
each.
