SMM, 8 May:
LME was closed today because it coincided with a bank holiday. The main force of Shanghai copper opened at 43200 yuan / ton in the morning. After opening, the bulls pushed up the copper price by about 140 yuan / ton, and arranged the horizontal plate around the position of 43330 yuan / ton. Copper prices climbed slowly to 43470 yuan / ton before noon, then fell slightly to 50 yuan / ton to close at 43420 yuan / ton. Afternoon opening, Shanghai copper continued to climb to the day's highest point of 43610 yuan / ton. Near the end of the day, copper prices fell slightly and finally closed at 43510 yuan / ton, up 720 yuan / ton, or 1.68%. The main daily position of Shanghai Copper decreased by 85 lots to 113000 lots, mainly by short positions, while the trading volume increased by 5663 lots to 80000 lots. Shanghai Copper 2005 contract position today decreased by 2890 hands to 33000 hands, mainly for short positions, the current spread with 06 contract prices widened to 200 yuan / tonne. Shanghai Copper 2007 contract increased its position by more than 2000 hands. The main force of copper in Shanghai rose slowly today, mainly driven by optimistic expectations that copper demand continued to pick up. Copper-related import data released by the General Administration of Customs yesterday showed that China's copper production has further recovered, and social inventories in the three places continued to decline today, indicating that domestic copper consumption is optimistic. On the supply side, Chilean copper production rose 4.2 per cent in March from a year earlier, while (Codelco), the world's largest copper miner, rose 14.8 per cent to 147600 tonnes in March from a year earlier. Peruvian copper mines are also expected to reopen. Concerns about tight copper supply have eased and there have been limits on copper price growth. At present, the 60-day moving average of Shanghai Copper has also changed from the pressure level to the support level. On the technical side, look at the price of copper. In the evening, we will pay attention to the changes in US non-farm payrolls in April and the unemployment rate in April to test whether copper in Shanghai can continue to rise.
