News summary

The Shanghai copper futures price has adjusted back, and the short-term strong pattern is no longer; the Shanghai zinc futures price has fluctuated upward, and the weak reality of the industry may lead to a continued correction; the Shanghai nickel futures price has fluctuated, and we are concerned about the support of the 150,000 mark, and it is recommended to hold more orders.

Newsletter text

Main views [Shanghai Copper] Today, the main force of Shanghai copper is stable at 8onlineslotsrealmoneynodepositAbout.40,000 yuan/ton, the position is relatively stable. Although prices fell from highs in the short termonlineslotsrealmoneynodepositAt about 6000 yuan/ton, it fell below the 5-day moving average, but the strength in May was no longer obvious, indicating that futures prices may continue to adjust. The hawkish stance in the minutes of the Federal Reserve's May meeting exceeded expectations or could put pressure on market sentiment. As short-term gains receded, long profit departures have become the dominant factor. Against the background of low spot discounts and monthly spreads, domestic social inventories are high, and the weak reality faced by the industry may push prices to continue to correct. Investors should continue to pay attention to changes in positions and the support of the 20-day moving average. It is recommended to maintain a wait-and-see attitude. [Shanghai Zinc] Shanghai zinc futures prices showed a turbulent upward trend, breaking through the 5-day moving average and becoming the leader among the non-ferrous sectors. However, downstream acceptance of zinc prices is low. Compared with the same period last year, social inventories of zinc ingots have increased by nearly 90,000 tons. Spot discounts and month-to-month spreads remain low. Similar to copper prices, zinc prices may also continue to pull back. Shanghai zinc futures prices are expected to fluctuate within the range of 24,000 to 25,000 yuan. It is recommended to stay on the sidelines. [Shanghai Nickel] The main price of Shanghai nickel was volatile and weak at night, but rebounded in early trading after hitting the 10-day moving average, and the overall trend during the day showed an upward trend. Nickel prices dropped from a high of 160,000 yuan/ton to around 152,000 yuan/ton, with a cumulative decline of more than 8000 yuan/ton. The decline in nickel prices was mainly affected by the general macroeconomy, and non-ferrous metals collectively showed a correction trend. Although volcanic activity in the Philippines and disturbances in the supply of intermediate products in Indonesia seem to be positive for futures prices, investors should pay close attention to the support at the 150,000 yuan mark. It is recommended to hold multiple orders.