flowerfortunesmegaways| Shanghai copper 80,000 mark fluctuates downward: high industrial inventories are under pressure in the short term
Newsletter summary
The price of copper in Shanghai fell, diving overnight in early trading, bulls.FlowerfortunesmegawaysStrong willingness to close; Shanghai zinc main futures price fluctuations, it is recommended to wait and see; Shanghai nickel futures fluctuate in a narrow range, downstream demand is better, it is recommended to do long bargains.
Text of news flash
[Shanghai copper futures show a strong willingness to close down positions and bulls]
The main futures price of Shanghai copper maintained a small fluctuation above 80,000 in the night trading stage, but only fluctuated in a narrow range after diving to 80,000 in early trading, and fell below 80,000 in the afternoon, showing a downward trend of reducing positions as a whole, indicating a strong desire for long closure in the market. Affected by the continued increase in overseas risk appetite, the macro funds previously flowed into the copper market began to flow back to the US stock market.
[domestic copper industry has high inventory and copper price has risen sharply, which has led to the accumulation of social treasury]
In the domestic copper industry, as the inventory is at a relatively high level, downstream enterprises have a strong wait-and-see mood for high-price copper. Compared with the same period last year, the amount of increase in domestic explicit inventory reached nearly 13%.Flowerfortunesmegaways.50,000 tons. Although copper prices have experienced a sharp rise in a short period of time, social inventories have not decreased, but have accumulated. After May Day, the decline in futures prices caused the spot price spread to shrink, and the spot discount showed signs of narrowing. After the festival, market participants still need to continue to pay attention to the long-short game in which the copper price is at the first line of 80,000.
[it is suggested that the market wait and see after the main futures price of Shanghai zinc stabilizes after the plunge]
Shanghai zinc futures prices fluctuated strongly during the night trading, but plunged more than 300 yuan / ton in early trading and stabilized above 23100, and closed above 23000 after a slight dive in late trading. In terms of industry, the inventory level of zinc overseas has declined slightly, while the stock of zinc in China has increased by nearly 80,000 tons compared with the same period last year. The price of domestic spot zinc continues to be in a state of discount, and the rise in zinc price has led to the accumulation of social inventory. Investors should pay close attention to the long-short game on the front line of 23000.
[Shanghai Nickel futures price tends to rise at the low valuation level]
The main futures price of Shanghai nickel fluctuated in a narrow range around 144000 in the night market, and stabilized after diving below 142000 in early trading. In the context of the overall rise of non-ferrous metals plate, the performance of nickel price is relatively weak. However, the non-ferrous plate generally fell after the festival, while the price of nickel was at a relatively low valuation with a high margin of safety. Since April, the prices of stainless steel and ferronickel have risen significantly, and the demand in the downstream market has performed well. From a technical point of view, the nickel price is supported at the previous high of 142000, and market participants should continue to pay attention to the long-short game in this position.
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