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The main contract of Shanghai copper on Tuesday rebounded in shock and rebound, but the rebound was relatively weak, closing at 35,950 yuan / ton, up 0.
31% from yesterday's closing price, and the daily closing price was still close to the low set on April 11 this year, while falling nearly 8%
from the high of 39,040 yuan / ton in this round of rebound.
In the external market, Asia Lun copper stopped falling and stabilized, of which the 3-month LME copper rose 0.
51% to $4710 / ton at the close of Shanghai copper, but the current London copper is completely running below the moving average group, indicating that the upper selling pressure is heavier, and the daily closing price hit a new low
since April 11 this year.
Macro: The Asian dollar index stabilized, basically maintaining its gains in the past week, and is now trading around 94.
1, which has put clear pressure
on commodities.
In addition, China's April PPI was -3.
4% y/y, better than expected (-3.
7%) and the previous value (-4.
3%), and PPI fell for the 50th consecutive month y-o-y, but the decline narrowed further
.
Meanwhile, China's CPI rose 2.
3% year-on-year in April, indicating a slowdown
in domestic deflationary risks.
In terms of market: Shanghai electrolytic copper spot reported flat water - premium water 30 yuan / ton, flat water copper transaction price 35750-35830 yuan / ton
.
Shanghai copper every other month basis maintained within 100 yuan / ton, now copper premium slightly higher than yesterday, the morning market has some low-price outflow, but with the low level of the market to rise, holders have begun to sell at a high price, coupled with early speculators and downstream bargain buying, and more favor for flat water copper and wet copper, so that there is almost no price difference between it and good copper, good copper premium passive push, but the space is more limited, the overall market conditions are more active, because traders downstream have entered the market
.
News: Brazil's copper ore exports in April fell 32% year-on-year to 62,862 tons, mainly affected by the decline in the volume shipped to China and India, and the copper ore exported to China was 24,055 tons
.
From January to March this year, copper ore and concentrate imported from Brazil were 32,774 tons, an increase of 52.
76%
year-on-year.
Overall, the Shanghai copper market fluctuated slightly, but still effectively operated below the moving average group, indicating that the upper selling pressure was heavier, mainly weighed
down by China's demand concerns and the strengthening of the US dollar index.
It is recommended that the Shanghai copper 1607 contract can still be backed by 36800 yuan below the sky, and the target is 35200 yuan / ton
.
