Review: copper dropped crude copper price on Shanghai copper for consolidation
today's copper price analysis and forecast:
in the international market oil price surge back in the evening, inventory decline and oil production decline once push up oil prices, but then the uae's oil minister said optimistic about oil prices rose, lowering the likelihood of OPEC producers cutting production agreement, oil prices dropped down. In late night copper confined disadvantaged concussion, affected by a drop in oil prices, further decline, the latest closing price for $4654, down $33, drop to zero. 7%.
the London metal exchange on May 31, according to data released copper inventories to reduce 2025 tons to 151725 tons. Cancel the LME copper warehouse inventory ratio is 31. 72%.
2. Domestic market
1606 contracts opened today Shanghai copper current month 35770 yuan, flat, 9:10 contract offer 1606, 35440 yuan in Shanghai copper fell 330 yuan; By crude oil fell and the dollar, today's shock slump in Shanghai trading, market demand, supply pressure, afternoon copper prices still has the potential to continue to weaken; But the latest official Chinese manufacturing PMI better than expected, or supporting part of the market sentiment, is expected to spot copper with lower amplitude limited today.
hot financial information
1. The individual consumer spending rose 1% in April, more than expected and the highest growth in almost seven years. Spending and income continues to grow suggests that the us economy is solid foundation, also become the support of the federal reserve to raise interest rates summer reason. The fed chairman yellen said on Friday, if the data is improved, in the next few months to raise interest rates is likely to be appropriate.
2. Chinese officials may PMI50 manufacturing. 1, the expected 50, a former value 50. 1. In May 2016, China's manufacturing purchasing managers' index ( PMI） For 50. 1%, with flat last month, for three consecutive months in the expansion range.