Source: CSCI Futures Author: CSCI Futures
Text of research report
Viewpoints and strategies
Market review and analysis
Copper prices were stronger on Thursday night, and Luntong rose to $10371.5, Shanghai Copper It rose to 83060 yuan.
Macro and market
Macro neutral. The number of weekly initial claims for unemployment benefits in the United States dropped to 222000, the labor market tightened, and the inflation progress of the Federal Reserve officials overnight was not enough to make a decision to cut interest rates. In addition, the Philadelphia Federal Reserve's manufacturing index in May was far lower than expected, and copper price growth was limited.
Fundamental data
The fundamental plane is neutral and empty. Yesterday, the copper warehouse receipt of the last stock exchange increased to 241000 tons, LME copper went to the warehouse to 104000 tons, and the copper inventory in the mainstream areas of SMM nationwide increased to 410400 tons, 287000 tons more than the same period last year. 05 After the contract delivery, the spot discount was up to 100 yuan, and the downstream was still afraid of heights.
summary
On the whole, the marginal cooling of the overseas economy and the employment market are still strong, the improvement of market risk appetite is limited, and the copper price is expected to have a limited increase within the day, mainly maintaining shock consolidation. Today, the main operation range of Shanghai Copper is 82500-84500 yuan. Strategically, wait and see, reduce net long positions or sell call options in short term.
Copper spot and option data information
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