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Today's Shanghai copper main contract 1705 under pressure and heavy setback, operating range of 48160-46930 yuan / ton, the end of the day closed at 47130 yuan / ton, down 1.
42%, the daily closing price hit the low point on March 28 this year, but its performance resisted the decline in Shanghai zinc (-3.
83%) and Shanghai lead (-7.
14%)
.
At present, Shanghai copper is running below the moving average group, indicating that the short-term downside risk has re-climbed
.
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 was flat to 180 yuan / ton
.
Externally: Asian Copper fell under pressure, of which 3-month London copper fell 1.
08% to 5814 US dollars / ton, which made London copper fall back below the moving average group, but has not effectively broken through the recent oscillation finishing platform
.
In terms of positions, on April 5, the position of London copper was 342,000 lots, an increase of 203 lots per day, and copper price positions have increased and decreased in the past week, and long and short trading is cautious
.
Macro: The Asian dollar index rebounded and is now trading around 100.
69 as market panic rises as the U.
S.
cruise missile attack on a Syrian air base rises, gold and silver rise strongly, while base metals are under pressure and decline, in addition, focus on the US March non-farm payrolls data tonight, which is expected to perform strongly
.
In terms of industry news, Pan Pacific Copper, Japan's largest copper smelter, said on Thursday it planned to produce 235,200 tonnes of copper from April to September (first half of fiscal 2017/18), down 19.
9%
from a year earlier.
In terms of market: on April 7, Shanghai electrolytic copper spot traded at a discount of 40 yuan / ton - 20 yuan / ton for the monthly contract, and the trading price of flat water copper was 47420-47540 yuan / ton
.
The price difference of copper in Shanghai is about 200 yuan / ton, and the middlemen in the morning market actively receive the goods, and the downstream part replenishes the goods, and the transaction rises first and then declines
.
Although the market has a consensus on the continuation of the premium pull-up next week, the premium space is not optimistic enough, because the downstream consumption is not enough to form sufficient support, and the price spread of the next month before delivery is steadily narrowing, which reduces the willingness to speculate
.
The Shanghai copper 1705 contract fell under pressure during the day, indicating that the upper rebound was blocked, but it has not completely broken through the recent oscillation finishing platform
.
In operation, it is recommended that the Shanghai copper 1705 contract hold the idea of range oscillation, which can be sold high and low in the range of 46800-47500 yuan, and the stop loss is 400 yuan / ton
each.
