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Today's Shanghai copper main contract 1704 fluctuated throughout the day, closing at 47740 yuan / ton at the end of the day, down 130 points, or 0.
27%, from the settlement price of the previous trading day, with a position of 188590 lots, a daily reduction of 3322 lots, and a volume of 282636 lots
.
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 1703 contract and the 1704 contract widened to 280 yuan / ton, indicating that the forward contract has increased its willingness to resist decline
.
In terms of external trading: Asian market copper fluctuated back, and the trend was similar
to that of Shanghai copper.
Among them, the highest three-month London copper rose to 5944 US dollars / ton, and it is now trading around
5901.
5 US dollars / ton.
In terms of positions, the position of London copper on February 24 was 324,000 lots, a decrease of 1,065 lots, and the recovery of positions showed that some bears took profits
.
Macro: The Asian dollar index retreated higher, rising as high as 101.
26 and now trading at 101.
03
.
In the United States, Trump said in his speech to Congress that he would increase investment in infrastructure construction, and the US dollar and US stocks rebounded; In addition, the probability of a Fed rate hike in March surged to 50%, a new cyclical high, up from the previous level
of about 33%.
In terms of industry news, the strike of union workers at the Escondida copper mine in Chile, the world's largest copper mine, has been going on for nearly three weeks, but as of Monday, the miners' association still denied reports
that the miners' union had resumed negotiations with BHP Billiton.
In terms of market: on February 28, Shanghai electrolytic copper spot traded at a discount of 260 yuan / ton - 130 yuan / ton for the monthly contract, a flat water copper transaction price of 47300-47560 yuan / ton, and a premium copper trading price of 47340-47660 yuan / ton
.
The market trading on the last trading day at the end of the month is relatively quiet, the current copper discount is basically the same as yesterday, the market supply brands are diverse, speculators absorb a small amount of low-priced sources, or some low-priced warehouse receipts, the receiver of the market is still trading at a low price, the underwater expansion of good copper stickers is large, and the downstream sporadic entry into the market, the characteristics of the end of the month are more obvious
.
Intraday Shanghai copper main contract 1704 continued the pattern of shock weakening, Chilean copper mine strike has lasted for three weeks, the news level has no effect on copper prices for the time being, coupled with sporadic downstream transactions, short-term copper prices or enter a shock pattern
.
Operationally, it is recommended to buy high and low in the range of 47000-48000 yuan / ton, and stop loss 500 yuan / ton
each.
