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Copper review: coming off-season copper short-term consolidation continued lack of momentum

by:Deyuan      2020-12-25
Abstract: affected by the crude oil fell, fell 1 in late London copper continued weakness. 03%, Chinese demand season approaching, copper lack of upward momentum, short-term Shanghai copper or continuation of calm, this is copper or co. , LTD. ( )

today's copper price analysis and forecast:
a.
in the international market of Saudi oil production agreement, cold overnight oil prices continue to fall, late copper low consolidation, late fell $48, the latest closing price of $4606, down to 1. 03%. Late on May the ISM manufacturing index released by the United States more than expected, or support for the fed to raise interest rates this summer at the earliest, short-term commodity prices will remain under pressure.

the London metal exchange on June 1, according to data released copper inventories 2625 mt to 154350 mt. Cancel the LME copper warehouse inventory ratio is 31. 73%.

2. Domestic market
Shanghai copper low open today, 1606 contracts opened the current month of 35210 yuan, down 160 yuan, the territory of Shanghai copper contract bid $1606 to $35400 up 30 yuan. Yesterday, China may official PMI manufacturing purchasing managers' index was steady, but caixin a slight drop in manufacturing PMI contraction for 15 months in a row, show that China's economy has yet to regain momentum. Worries over copper output growth will demand off-season to crack down on the market in the next few months, prices above confined, short run will still weak, is expected to spot copper price is today.

hot financial information
1. The institute for supply management ( ISM) According to the data published, the United States may ISM manufacturing index of 51. 3, 50 more than expected. April 3, and also higher than 50. 8. The prices paid index 63. 5, more than expected 58. April 5 and 59. But at the same time, the United States may Markit PMI index hit a new low since the six and a half years.

2. On Wednesday, Reuters said Saudi Arabia and other gulf of OPEC countries consider OPEC meeting reset output limits on Thursday. Although Iran says is not prepared to compromise, but in improving the OPEC interior atmosphere, compromise is still possible. As a result, oil prices decline narrowed. But after cold water on the oil minister in the united Arab emirates said unless Iran agree or disagree with yield limit.
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