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On Friday, the main contract of Shanghai copper 1606 rebounded relatively weakly, closing at 35810 yuan / ton at the end of the day, down 2.
35% from the previous closing price, basically maintaining the large decline recorded overnight
.
At present, Shanghai copper effectively fell below the support of M60 below, running below the main moving average group, and it is still necessary to pay attention to the downside risk
in the short term.
On the macro front, crude oil prices rose sharply on Friday as the market prepared
ahead of the freeze production meeting.
Other financial markets are not significantly affected by crude oil, last week the market lacked a new economic data indicators, and this week China will usher in key March economic data, the market will judge the effect of China's re-turn to stimulus, more important, the short-term copper market is expected to remain volatile
.
Market: On April 8, Shanghai electrolytic copper spot reported a premium of 10-60 yuan / ton, and the transaction price of flat water copper was 35820-35900 yuan / ton
.
Now the copper premium has expanded, and the good copper premium has been raised to 30-50 yuan / ton, attracting downstream and middlemen to buy a large number of dips, and the first quarter of the morning trading is particularly active
.
After traders made a profit from hedging, the willingness to ship increased sharply, and the market was well
supplied.
In the second trading session, it was difficult for the premium to rise again, and the transaction was suppressed
.
The range of premium fluctuations varies according to the price difference of the next month
.
Stocks: LME copper stocks reported 145675 tonnes as of April 8, up 2,275 tonnes or 1.
58% from last week, still close to the level of August 20, 2014 (145,200 tonnes); In the same period, the previous Shanghai copper inventory reported 360925 tons, a weekly decrease of 7800 or 2.
1%, a decrease of 33852 tons or 8.
57%
for three consecutive weeks.
Foreign media said that after the rising copper inventory of Chinese exchanges, it may turn to export in the coming months, causing market concerns
.
Overall, the Shanghai copper oscillation rose slightly in the night market on Friday, but it still ran below the moving average group, and its performance was much weaker than other non-ferrous metals, and the short-term downside risk remained
.
It is recommended that the Shanghai copper 1606 contract can be cautiously short below 36400 yuan, and the target is around
35300 yuan / ton.
