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Today's Shanghai copper main contract 1704 further extended the night market gains on Friday, closing up to 50120 yuan / ton, up 2550 points, or 5.
36%, from the settlement price of the previous trading day, with a position of 245852 lots, a daily increase of 67870 lots, a volume of 616476 lots, and its closing price hit a new high
since August 22, 2014.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1703 contract and 1704 contract widened to 250 yuan / ton, indicating that the willingness of forward contracts to rise has increased
.
Externally: Asian market London copper continued to rebound, further extended last Friday's rally, of which the 3-month London copper rose to 6204 US dollars / ton, now slightly fell back to around 6146 US dollars / ton, London copper is currently effectively stabilized above the moving average group, the upward trend is obvious
.
In terms of positions, on February 9, the position of London copper was 32.
2 lots, a daily decrease of 428 lots, and the reduction of London copper positions rose, indicating that the rise in copper prices was mainly driven by the active replenishment of bears
.
Macro: The Asian dollar index retreated higher, rising as high as 101.
02 and now trading around
100.
65.
Today, the People's Bank of China restarted reverse repurchase after six days, but still withdrew a net 90 billion yuan
.
But Friday's stronger-than-expected January import and export data improved market expectations
for China's short-term economy.
In terms of industry, Chile's copper production in 2016 was 5.
5 million mt, down from 5.
8 million mt in 2015 and the lowest level
since 2012, according to figures released by Chile's National Copper Council (Cochilco).
Market: On February 13, Shanghai electrolytic copper spot contract reported flat water - liter water 100 yuan / ton, flat water copper trading price of 49400-49740 yuan / ton, liter copper trading price of 49440-49800 yuan / ton
.
Holders have different mentalities, good copper more cover goods to sell, flat water copper to 1703 contract quotation, the quotation level in the discount of 370 yuan / ton - discount 320 yuan / ton, good copper discount 250 yuan / ton nearby, the market supply source is flat water copper
.
After the copper price rose by nearly 50,000 yuan, the downstream returned to the market on the first day, there was a fear of heights, the transaction was dominated by speculators, the short-term rise in copper prices did not stop, and those with low inventories could enter the market
in a timely manner.
Shanghai copper soared strongly during the day, standing at the 50,000 mark, as the Chilean copper mine strike continued to ferment, and the Grasberg copper mine export license issue is still in doubt, and the weakness on the supply side is expected to further increase copper prices
.
On the technical side, positions continue to be significantly enlarged compared with last Friday, indicating that funds are chasing, and the MACD indicator has released a red energy column, and the upward momentum may continue to release
.
Operationally, it is recommended that the Shanghai copper 1704 contract has a clear upward pattern, with a short entry reference of 49600 yuan / ton, a target of 50800 yuan / ton, and a stop loss of 49100 yuan / ton
.
