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Today's Shanghai copper main contract 1702 contract followed other base metals under pressure, closing down to 44070 yuan / ton, down 1.
63% on a daily basis, its decline is smaller than Shanghai nickel (-7%) and Shanghai zinc (-6.
38%), showing that copper prices have resisted decline
.
In terms of term structure, the copper market maintained a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1701 contract and the 1702 contract narrowed to 30 yuan / ton, indicating that the willingness of forward contracts to decline has climbed
.
External: The LME market is closed today and tomorrow
.
Last Friday's night market London copper fell under pressure, the decline further widened, indicating a heavier topside selling pressure, of which the three-month London copper fell 1.
08% to $5469 / ton, closing close to the low set on November 18 this year
.
In terms of positions, on December 22, the position of London copper was 362,000 lots, and the weekly sharp decrease was 22,670 lots, indicating that long and short positions actively reduced positions and left the market, and the popularity of the copper market declined
.
Macro: The Asian dollar index oscillated to stabilize around 102.
9 and is still running
at a high level.
The annualized total of new home sales in the United States after the November quarterly adjustment was 592,000, higher than the expected 575,000, indicating that the US real estate market continues to recover.
On the industry front, Indonesia's energy and mining minister said Indonesia was considering allowing miners to negotiate an extension five years before their operating licenses expired, instead of the current two years
before the expiration.
At the same time, Indonesia's Minister of Mines and Energy said that Indonesia is considering approving the export of some minerals such as bauxite and nickel ore that meet certain conditions, which has caused a heavy setback
in base metals.
In terms of market: on December 26, Shanghai electrolytic copper spot traded at a discount of 220 yuan / ton - 140 yuan / ton for the monthly contract, a flat water copper trading price of 43500 yuan / ton - 43860 yuan / ton, and a premium copper trading price of 43540 yuan / ton and 43900 yuan / ton
.
Shanghai copper lack of external guidance to reduce positions sharply, most of the enterprises have entered the year-end settlement state, bill price spread gradually faded out of the market, market activity has decreased significantly, supply and demand are light, copper basically maintained last week's discount state level quotation, some downstream just need to receive goods, so that wet copper discount narrowed, the year-end atmosphere gradually strengthened
.
During the day, the Shanghai copper 1702 contract fell under pressure to 44,070 yuan / ton, barely closing above 44,000 yuan, and the performance resisted the decline of other base metals, due to Indonesia's mineral export policy or changes, resulting in nickel prices leading the decline in base metals, copper prices passively following the decline
.
In addition, there is a lack of external guidance in the past two days, and the trend or oscillation
of Shanghai copper.
It is recommended that the Shanghai copper 1702 contract can be sold high and low between 43500-45000 yuan, and the stop loss is 500 yuan / ton
each.
