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Today's Shanghai copper main contract 1707 under pressure pullback, the end of the close at 45770 yuan / ton, down 0.
07%, intraday trading at 46130-45760 yuan / ton, Shanghai copper is still running at the intersection of moving averages, showing that long and short trading repeatedly, short-term operation relative oscillation
.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1706 contract and the 1707 contract widened slightly to 50 yuan / ton
.
In terms of external trading: Asian Lun copper fell under pressure, of which the 3-month London copper operating range was 5716-5666 US dollars / ton, now down more than 0.
61% to 5683 US dollars / ton, and its upper rebound resistance focuses on M60, that is, 5751 US dollars / ton
.
In terms of positions, as of May 19, the position of London copper was 319,000 lots, a daily decrease of 3,018 lots, and copper prices have recovered 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 under pressure and is now trading around 96.
85, hitting another more than six-month low
.
The US Chicago Fed National Activity Index came in at 0.
49 in April, higher than the expected 0.
11 and 0.
07
in March.
In the copper industry, China's refined copper imports in April were 202645 tons, down 40.
69% year-on-year, and the cumulative imports from January to April were 1.
007 million tons, down 30.
65% year-on-year, indicating that China's refined copper import demand has further decreased
.
In terms of market: on May 23, Shanghai electrolytic copper spot traded at a discount of 70 yuan / ton - 10 yuan / ton for the monthly contract, a flat water copper transaction price of 45820 yuan - 45920 yuan / ton, and a premium copper trading price of 45840-45960 yuan / ton
。 Because there is no large trader selling at a low price today, the market low-price supply is scarce, so that today's market copper discount has not expanded, and because next week coincides with the Dragon Boat Festival, most of the enterprises entered the monthly settlement state in advance, resulting in a large number of next month's note copper sources this week, the difference between the next month's bill source and the current month's bill source price widened to 20-30 yuan / ton, downstream pre-holiday stock willingness, in the premise that traders generally raise prices, difficult to find low-priced sources, downstream is forced to gradually receive goods, the transaction is
acceptable.
Intraday Shanghai copper 1707 contract under pressure to 45770 yuan / ton, is a normal technical pullback, short-term rebound pattern remains, while the US dollar index continues to decline, still give copper price support, but China's April refined copper import demand declined, limiting the height
of copper price rebound.
It is recommended that the Shanghai copper 1707 contract can be sold high and low between 45500-46300 yuan, and the stop loss is 500 yuan / ton
each.
