[brief Review of SMM copper futures] China's April trade data improved superposition copper demand continued to recover copper prices were boosted to break the 43000 yuan / ton mark

SMM, May 7:

Today, the main force of copper in Shanghai opened in the morning at 42730 yuan / ton, after the opening of the plate rose slightly to 42820 yuan / ton, then short entered the market superimposed long reduction, copper price shock down to the lowest point of 42670 yuan / ton in the day. At this time, the short sky on the low left the market to drive the copper price to rebound, recover all the decline in the day, once again explore 42820 yuan / ton. Copper prices closed slightly lower at 42760 yuan / ton before the close of midday. The opening of the afternoon, the continuous short reduction operation all the way to push up the price of copper. Near the end of the day, copper prices quickly rose through the 43000 yuan / ton mark, and finally closed at 43110 yuan / ton, up 550 yuan / ton, up 1.29%. Today, the main force of Shanghai Copper increased its daily position by 1784 hands to 114000 hands, mainly by long positions, and trading volume increased by 13000 hands to 74000 hands. Shanghai Copper 2005 contract continued to reduce positions, intraday reduction of 2580 hands to 36000 hands, mainly for short positions. Today, China's import and export data were released in April. The trade account in April was much higher than expected, and exports rose unexpectedly. In the afternoon, the General Administration of Customs announced that China's imports of unwrought copper and copper materials in April were 461500 tons, and imports of copper ore and its concentrates in April were 2.029 million tons, an increase compared with the same period last year. Higher-than-expected import and export data strengthened optimistic expectations of a sustained improvement in China's economy, and a sustained recovery in copper demand supported a rise in copper prices against the backdrop of no easing of tight copper supply. The overall macro atmosphere is also optimistic, providing some momentum for the rise in copper prices. Today, Shanghai copper closing Yang, has broken through the 60 moving average, and KDJ opening continues to expand, the technical side to see a good copper price. At night, waiting for the outer plate guidance, test whether Shanghai copper can stand at the 43000 yuan / ton level.