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On Tuesday, the main contract of Shanghai copper 1804 fell under pressure, trading at 53580-53100 yuan / ton during the day, and closing at 53370 yuan / ton at the end, down 0.
43% per day.
In terms of term structure, the positive price difference between the Shanghai copper 1804 contract and the 1805 contract remained at 190 yuan/ton, indicating that the willingness of forward contracts to rise has risen
.
In terms of external trading, Asian market London copper around 7124 US dollars / ton around narrow fluctuations, of which 3 months London copper intraday trading at 7143-7110 US dollars / ton, now trading at 7112 US dollars / ton, basically unchanged from the previous day, the current London copper running above the main moving average group, the technical form is stronger than Shanghai copper
.
In terms of positions, on February 23, the position of London copper was 315,000 lots, a daily decrease of 3,217 lots, indicating that the bears actively covered to push copper prices higher
.
In terms of the market, on February 27, Shanghai electrolytic copper spot on the current month contract reported a discount of 190 yuan / ton - discount of 110 yuan / ton, flat water copper transaction price of 52820-52940 yuan / ton, Shanghai copper next month price difference of more than 200 yuan / ton, near month and far month contract price difference narrowed, spot discount narrowing is the trend of the market trend, morning market good copper holders eager to price willingness to highlight, quotation discount 120 yuan / ton -100 yuan / ton, but the transaction is still under pressure on the discount of 120 yuan / ton line, Some traders are willing to receive good copper discount of about 140 yuan / ton, but the transaction is not easy
.
Most of the domestic flat water copper prices are discounted at 160 yuan / ton, but some imported copper still shows that there is a discount of about 180 yuan / ton, which is still attractive and the transaction is more active
.
The whole market has a strong price atmosphere during the day, but there is still a price difference between domestic flat water copper and imported copper, and there is still a price difference
of about 40 yuan / ton.
Following a larger replenishment downstream on the previous day, downstream receipts were lower, but enthusiasm for trade speculation is still recovering
.
On the macro front, the Asian dollar index fell under pressure and is now trading around 89.
74, effectively running below
90.
The annualized total of new home sales in the United States after the quarterly adjustment in January was 593,000, down 7.
8% month-on-month, the lowest since August 2017, as higher financing costs and winter weather weighed on demand
.
The market focuses on the preliminary CPI value of Germany for February; Fed discloses transcript of congressional testimony by Chairman Jerome Powell
.
In terms of industries, Japan's refined copper exports in January were 47,562 tons, an increase of 45% year-on-year, of which refined copper exports to China were 15,098 tons, an increase of 35.
2%
year-on-year.
During the day, the Shanghai copper 1804 contract fell under pressure to 53370 yuan / ton
.
The short-term copper market has traded repeatedly, showing that the long and short operation is still cautious, but the overall rebound pattern has not changed, and it is recommended that the Shanghai copper 1804 contract can be held short above 53,000 yuan, and the target is 54,000 yuan / ton
.
