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Today's Shanghai copper main contract 1706 fluctuated in a narrow range around 46200 yuan / ton, trading at 46510-46170 yuan / ton during the day, and closing at 46290 yuan / ton at the end of the day, up slightly by 0.
13%
on the day.
Short-term copper prices have been oscillating at low levels for more than a week, indicating that long and short trading is cautious, and it also means that copper prices are less willing to fall
.
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 1705 contract and the 1706 contract widened slightly to 90 yuan / ton
.
Externally: today's London copper bottomed out, of which 3-month London copper slightly fell 0.
23% to 5721 US dollars / ton, the current London copper trading in the average intertwined, and from this round of pullback low of 5530 US dollars / ton up 3.
49%, the upper rebound resistance focus on 5850 US dollars / ton
.
In terms of positions, on April 25, the position of London copper was 333,000 lots, a daily decrease of 983 lots, a cumulative decrease of nearly 15,000 lots in the past week, during which copper prices fluctuated slightly, indicating that bears actively took profits on dips
.
On the macro front: The Asian dollar index traded around 98.
86, near the low set on November 11, 2016, as the market continued to digest the positive boost from the results of the first round of elections in France
.
Meanwhile, U.
S.
building permits were revised up 4.
2% in March, at an annual rate of 1.
267 million, better than the initial reading
.
In terms of industry, it is reported that the US Freeport is preparing to export three cargoes of copper concentrate from Indonesia's Grasberg mine, after the company's exports have been suspended for 15 weeks
.
Spot: On April 27, Shanghai electrolytic copper spot reported a discount of 70 yuan / ton - 20 yuan / ton for the current month's contract, and the transaction price of flat water copper was 46100 yuan / ton - 46190 yuan / ton
.
The morning market spot copper supply brands diversified, still maintain yesterday's discount level shipments, but as some speculators continue to enter the market to absorb low-priced sources, flat water copper discount took the lead in actively narrowing, good copper top price discount narrowing is limited, speculators further absorb low-price sources, downstream pre-holiday reserves, market receipts increased, transaction activity trading improved yesterday, today's trading market first rose and then declined
.
The intraday Shanghai copper 1706 contract oscillated to 46290 yuan / ton, partly boosted by the pressure of the US dollar index, but its upward momentum is still weak, the rebound height is limited, and the operation still needs to be cautious
.
In terms of operation, it is recommended that the Shanghai copper 1706 contract hold a biased oscillation idea, which can be sold high and low in the range of 45800-47000 yuan, and the stop loss is 400 yuan / ton
each.
