On Wednesday, affected by the sharp drop in the external market during the Dragon Boat Festival, the main 1707 contract of Shanghai Copper gapped at 45690 yuan/ton, and the capital continued to show a tight trend. Shibor rose across the board, and the offshore RMB rose as high as 6.7670 yuan. Domestic commodities collectively plummeted. After the opening, Shanghai Copper was slightly consolidated around the daily average of 45750 yuan/ton. Under the influence of long-term liquidation, Shanghai Copper began to fluctuate downward and gradually away from the daily average, A small number of short positions entered at the end of the day, closing at 45230 yuan/ton, down 820 yuan/ton. During the day, Shanghai copper futures opened low and went low. Affected by the appreciation of the renminbi, the decline was deeper than the external market. The net outflow of funds is expected.copper priceAfter the market is still mainly bearish, down the track down.

Luntong opened at 5660 yuan/ton, and the capital continued to show a tight trend. After the opening, the copper price surged to US $5694/ton in the short term. After trying to break through the adhesion of the three moving averages above, the bulls fell safely and the copper price fell back to the daily moving average of US $5674/ton for consolidation. In the afternoon, with the RMB pulling up, commodities fell collectively, and the long positions flowed out one after another, as of 17:45, Luntong reported 5636 US dollars/ton, down 22 US dollars/ton, crude oil reported 48.73 US dollars/barrel, and the US dollar index reported 97.319. Lun Copper continued its downward trend. Major banks will assess various indicators on June 10 this year. At that time, some loan approvals will be suspended, and funds will show a tense trend. The RMB has skyrocketed and the commodity market is under heavy pressure, in the evening, the middle rail of Brin Road is difficult to support.

According to data released by the National Bureau of Statistics, China's official manufacturing PMI51.2 in May was higher than the expected value of 51.00, while the official non-manufacturing PMI54.5 was released in May. Some analysts believe that the manufacturing PMI did not decline further in May, confirming that the decline in the manufacturing PMI in April was only a high-level decline in the previous period. At present, the PMI has remained above the boom and bust line for 10 consecutive months, indicating that economic growth has stabilized. The situation is further clarified.

After the holiday, Shanghai copper futures fell nearly 400 yuan. During the holiday, some imported copper was cleared and put into storage. In addition, on the last trading day at the end of the month, due to financial pressure, there were more quotations for shipment and cash exchange. The discount quotation gradually expanded. The downstream consumption was less interested, the willingness to replenish the stock was weak, and speculative trade buying was also subject to the cautious performance of settlement factors at the end of the month. The overall market within the day fully showed the month. In the afternoon, the financial affairs of various enterprises entered the settlement state, and the cargo holders were still quoting, but the discount had been slightly narrowed to the early-morning price platform due to the drop of 300 yuan/ton on the disk surface. The flat copper price was 80 yuan/ton -50 yuan/ton, the premium copper price was 50 yuan/ton -30 yuan/ton, and the transaction price was further reduced to 45200 yuan/ton -45540 yuan/ton. It is expected that after the cross month, the holders still want to stand up the price to collect the water, according to the size of the supply pressure to determine the trend of the water.

Overall, the global macroeconomic recovery is relatively moderate, but the recent macro events gathered, risk aversion, capital tightening and joint supervision of the financial industry will still be on the copper market travel pressure, along with the end of the peak consumption season to end the support of copper prices will gradually weaken, the medium-term maintenance of short-term thinking.