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On Tuesday, the main contract of Shanghai copper 1805 rebounded strongly, trading at 49890-48780 yuan / ton during the day, and closing up to 49620 yuan / ton, up 1.
27% per day, indicating that copper prices continue to fall after facing technical rebound demand, but the current copper price is still running below the main moving average group, and the rebound height needs to be viewed
with caution.
In terms of term structure, the positive price difference between the Shanghai copper 1805 contract and the 1806 contract remained at 210 yuan/ton
.
In the external market, the Asian market London copper oscillation higher, of which the 3-month London copper intraday trading at 6721-6635 US dollars / ton, now trading at 6685 US dollars / ton, up 0.
93% on the day, but still running below the main moving average group, indicating heavier
selling pressure above.
In terms of holdings, on March 23, the position of London copper was 299,000, an increase of 770 lots per day, which hit the low since the end of December 2015, indicating that the copper market is sluggish
.
In terms of the market, on March 27, Shanghai electrolytic copper spot traded at a discount of 200 yuan / ton - 130 yuan / ton for the monthly contract, and the trading price of flat water copper was 49200-49300 yuan / ton
.
Spot copper discount slightly narrowed compared with the previous day, traders inquiry active, market good copper quotation discount 140-120 yuan / ton, flat water copper discount 190-170 yuan / ton, more sources, the transaction is general, can be low price
。 Around ten o'clock, some traders took the initiative to lower the quotation to good copper discount 150-130 yuan / ton, flat water copper discount to 200 yuan / ton gradually traded, downstream began to enter the market to receive, wet copper source accounted for less proportion, quotation firm, and gradually narrowed up to report a discount of 270-230 yuan / ton, wet copper market favor is still higher than good copper, flat water copper, market buying activity under the guidance of traders increased, the plate temporarily stabilized, the market transaction recovery has been significantly improved
.
On the macro front, the Asian dollar index continued to fall under pressure and had no intention of rebounding, now trading around 89, hitting a new low since February 15 this year, as market optimism climbed as the start of trade talks between China and the United States climbed, and the pound and euro remained strong as the probability of a Bank of England rate hike in May climbed and the United Kingdom and Europe reached a Brexit transition agreement
.
Pay attention to the Eurozone economic sentiment index for March; US Chamber of Commerce Consumer Confidence Index for March, Richmond Fed Manufacturing Index for March; Atlanta Fed President Bostic (with voting rights) speaks
.
In terms of industry, the union said that workers at the Los Oelambres copper mine in Chile, owned by the Antofagasta Group, reached an agreement with management on a new labor contract, avoiding the risk of
strike.
During the day, the Shanghai copper 1805 contract oscillated to 49620 yuan / ton, the downside risk weakened, but the copper price now fell below the main moving average group, indicating that the bears have the upper hand
.
In operation, it is recommended that the Shanghai copper 1805 contract can be sold high and low between 49300-50300 yuan / ton, and the stop loss is 350 yuan / ton
each.
