A brief comment on SMM
Shanghai copper rose during the day, mainly because international oil prices continued to rise sharply. Fuel demand is expected to be boosted by the gradual easing of epidemic prevention restrictions around the world, coupled with continued production cuts on the supply side, as US drilling companies cut oil and gas drilling to record lows for the second week in a row, with oil prices continuing last week's rally. Superimposed global macroeconomic environment continued to be loose, market risk appetite warmed up, contributing to the rise in copper prices. Today, the main force of copper in Shanghai opened at 42910 yuan / ton in the morning, and the copper price jumped 250 yuan / ton after the opening, and then finished horizontally. Copper prices climbed slowly before midday, closing at 43170 yuan / ton. Opening in the afternoon, copper prices fluctuated upward, exploring the highest point of 43330 yuan / ton, and the center of gravity stabilized at 43270 yuan / ton. At the end of the day, it closed at 43270 yuan / ton, up 270yuan / ton, or 0.63%. Intraday positions in the Shanghai Copper Index decreased by 2102 lots to 337000 lots, and trading volume decreased by 25860 lots to 189000 lots. At present, Shanghai Copper still maintains the back structure, and the contract price difference of 06mur07 is about 140yuan / ton.
At present, the price of copper in Shanghai has been closed, with 20-day and 60-day moving average support below, and the opening of KDJ continues to shrink. From a technical point of view, copper prices still have upward momentum. Wait for the outer disk guide at night to test whether Shanghai Copper can continue to rush.
Today, the spot price of electrolytic copper in Shanghai quoted a price of 140 yuan / ton to 170 yuan / ton for that month's contract, 43210 yuan / ton to 43300 yuan / ton for Pingshui copper, and 43220 yuan / ton to 43310 yuan / ton for copper / ton. Shanghai copper morning market opened low and directly rose back to 43100 yuan / ton first-line shock, today to change the month to 2006 contract quotation, early trading inquiry is active, the holder quotes 150 ~ 170 yuan / ton, good copper can be a small amount to 150 yuan / ton, flat copper price down to 140 yuan / ton transaction is active, the trading atmosphere is slightly better than last Friday. In the second trading session, the supply of copper with low price and flat water has been difficult to find. The rising water of good copper is 160 yuan / ton to 170 yuan / ton, and the standing price of copper water in Pingshui is more than 150 yuan / ton, but the trading heat is not as hot as the morning market, and it is just needed downstream. Wet copper keeps rising water around 110 yuan / ton. Today, the market quotation is firm, the holder still intends to push up the water, the source of low-rising water is highly favored by the market, the transaction is mainly based on the receipt of goods by traders, and the trend of firm quotation will continue.
Today, the spot price of electrolytic copper in Guangdong province rose 180 to 200 against the contract for that month, with an average price increase of 110 percent, while wet copper rose by 130 percent to 140 percent, with an average price increase of 100. The average price of electrolytic copper is 43285 yuan / ton down 95 yuan / ton, and the average price of wet-process copper is 43230 yuan / ton / ton. In the spot market, the monthly difference after the change is still large, so the market does not ship goods at a low price because of a sharp increase in inventories over the weekend, but at a high price. Overall, today's market transaction price is stable at 190 yuan / ton for good copper, 190 yuan / ton for flat copper, and 140 yuan / ton for wet copper; but the delivery is not active and the trading activity is general. As far as we know, the operating rate of the copper bar industry has declined recently, and the imported copper will still be cleared one after another. therefore, we expect that the rising water will not continue to rise substantially in the future, and the expected shock is more likely to fall.
Today, the spot price of electrolytic copper in North China is quoted as 200 yuan / ton ~ 230 yuan / ton for that month's contract, with a transaction price of 43260 yuan / ton ~ 43530 yuan / ton. After opening low in the morning market in Shanghai, copper rose directly back to around 43300 yuan / ton. today, it quoted prices for 2006 contracts, smelters and traders held firm, and the spot quotation strongly returned to the top of 200 yuan / ton, and the high price was around 250 yuan / ton. the trading performance of the high rising water is average, and it is mainly needed downstream.
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Today's warehouse receipt is quoted at US $105 per ton, bill of lading is quoted at US $95 per ton, QP June. The LME0-3 discount is $25.50 / ton. The import profit is around 50 yuan / ton.
On Monday, the activity of the foreign trade market was relatively low, and both buyers and sellers performed poorly. On the one hand, the supply of bill of lading arriving in Hong Kong at the end of May and early June is still tight, and traders are not willing to lower their quotations. On the other hand, because the import price is weaker than last week, the buyer's demand decreases obviously, which is shown by stopping and waiting, and the transaction of the bill of lading shows a high stalemate. Warehouse receipts are still in short supply, and transaction prices continue to rise in limited trading.
The transaction price of fire good copper warehouse receipt is around 120 US dollars / ton, mainstream fire method 115 US dollars / ton, wet method 105 US dollars / ton, good copper bill of lading 110 US dollars / ton, mainstream fire 105 US dollars / ton, wet method 95 US dollars / ton.
Today, LME copper stocks are 276375 tons, down 2375 tons, or 0.85%, from the previous day.
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