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Today's Shanghai copper main contract 1705 oscillated rebound, closing up to 47120 yuan / ton, up 0.
99% per day, partially cutting this week's decline, but Shanghai copper has not yet returned to the
moving average group.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1704 contract and the 1705 contract narrowed slightly to 170 yuan / ton, indicating that the willingness of forward contracts to decline has declined
.
Externally: Asian London copper around 5830 US dollars / ton around a narrow range, the operating range is 5836-5808 US dollars / ton, of which 3 months London copper fell 0.
21% to 5825 US dollars / ton, short-term London copper is still running at the interweaving of moving averages, the technical form is stronger than Shanghai copper, because the weakening of the US dollar on London copper is stronger than Shanghai copper
.
In terms of positions, on March 21, the position of London copper was 330,000 lots, a daily decrease of 3,181 lots, and the copper price fell this week, and the sentiment of the copper market declined
.
Macro: The US dollar index rebounded in early trading this morning, now trading around 99.
8, still running below the main moving average group, and the short-term downside risk is greater
.
In addition, the current market focuses on the tightening of liquidity by the domestic central bank at the end of the first quarter, as well as the strengthening of regulation and control in the housing market in many places, which has triggered rising market worries
.
In terms of industries, China's refined copper imports in February were 233856 tons, down 28.
83% year-on-year, and the decline further expanded, down 15.
96% month-on-month, and the monthly import volume hit a new low
since October last year.
At the same time, China's refined copper imports from January to February fell by 21.
51% year-on-year, and the data shows that China's refined copper import demand declined
.
In terms of market: on March 23, Shanghai electrolytic copper spot traded at a discount of 190 yuan / ton - 70 yuan / ton for the monthly contract, the trading price of flat water copper was 46740-46840 yuan / ton, and the trading price of premium copper was 46780-46900 yuan / ton
.
Holders exchange cash at high prices, sufficient supply, delivery warehouse receipt outflow increases, good copper discount water is the first to loosen, near the end of the month next month bill source and the current month note source price difference maintained at about 20 yuan / ton, speculators absorb low-end low-price sources, downstream demand is the mainstay, the transaction atmosphere is general
.
The Shanghai copper 1705 contract rebounded during the day as the Chilean copper mine strike remained unresolved
.
At present, although Shanghai copper has fallen below the support of the lower moving average, the performance of London copper is relatively resistant
.
In operation, it is recommended that the Shanghai copper 1705 contract can be sold high and low in the range of 46500-47500 yuan, and the stop loss is 400 yuan / ton
each.
