Shanghai copper continues to rise in the short term, pay attention to the first-line pressure of the 46000 integer mark
Last Friday, the main Shanghai copper 1708 contract opened at 45,740 yuan/ton. In the morning, the copper price continued to consolidate around 45,780 yuan/ton. In the afternoon, the copper price began to rise to 46,000 yuan/ton, and closed at 45,930 yuan/ton at the big Yangxian. , Masukura 1722 lots to 221,000 lots, and the trading volume increased by 72,000 lots to 281,000 lots. In the day, Shanghai copper continued to rise, standing on the middle track of Bollinger Road in an all-round way, and the trend was firm.
Last Friday, London copper opened at $5,743/ton. After the opening, the copper price fluctuated around the daily average. In the afternoon, the copper price began to rise. After reaching as high as $5,806/ton, it was under pressure on the upper Bollinger track and fell back. As of 17:22, London copper reported 5769.5 US dollars / ton. Inner London copper pulled up, and the pressure on the top was relatively large, and it is expected to be the main callback.
As of June 8, the COMEX copper futures inventory was 160,298 short tons, an increase of 878 short tons from June 7; the LME copper inventory was 286,350 tons, a decrease of 7875 tons from June 7; as of June 9, the Shanghai Stock Exchange futures inventory was 59,724 tons, compared with The previous day was reduced by 100 tons.
Shanghai copper rose sharply, and some value-preserving quilts in the market were covered. Holders continued to raise the premium price of current copper to make up for losses. Some intermediaries entered the market to receive goods in order to lower costs. Maintaining a large price difference with flat water copper, the downstream behaved cautiously after the copper price rose sharply, and the transaction reappeared cautiously. In the afternoon, the disk surface was pulled up, the market transaction was light, and the premium and discount were loose. The flat water copper was quoted at a discount of 20 yuan / ton - flat water, and the good copper was at a flat water - a premium of 20 yuan / ton, and the transaction price was 45610 yuan / ton - 45740 yuan / Ton.
At present, the main supporting factor for the rebound of copper prices during the week is the continuous decline of LME inventories, which fell by 15% in 14 trading days. In addition, copper imports in May increased by 30% month-on-month, which reflects that China's demand will not be too bad. However, there are macro risks next week. The Fed's interest rate hike and the MPA assessment of domestic banks will continue to suppress the overall commodity, and pay attention to the first-line pressure of the 46,000 integer mark.