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On Friday, the main contract of Shanghai copper 1805 oscillated rebound, intraday trading at 50280-49780 yuan / ton, the end of the close rose to 50180 yuan / ton, up 0.
6% per day, for the second consecutive day of rise, the current copper price is still running under the main moving average group, the rebound height needs to be treated
with caution.
In terms of term structure, the positive price difference between Shanghai copper 1805 contract and 1806 contract remained at 160 yuan / ton
.
In terms of external trading, this Friday and next Monday, the LME market was closed, and the pre-holiday London copper reported 6740 US dollars / ton, up 3.
2%
from the low of 6532 US dollars / ton in this round of correction.
In terms of holdings, on March 28, the position of London copper was 299,000, down 1,147 lots per day, which is close to the low point at the end of December 2015, and the sentiment of the copper market is sluggish
with the decline in copper prices.
In terms of the market, on March 30, Shanghai electrolytic copper spot reported a discount of 180 yuan / ton - 120 yuan / ton for the monthly contract, and the transaction price of flat water copper was 49720-49780 yuan / ton
.
Shanghai copper was still under pressure at the 50,000 yuan mark that month, and the morning market quotation of cargo holders was 180-140 yuan / ton, attracting some large traders of smelters to continue to receive goods, and large-scale downstream enterprises maintained stable receipts
.
Quotation In the inquiry atmosphere of large traders, good copper took the lead in quickly narrowing to a discount of 130 yuan / ton, or even a discount of 120 yuan / ton, but because Friday is the last settlement day at the end of the quarter and the end of the month, capital factors still restrict most of the buying interest, and the trading volume is still significantly lower
than the beginning of the week.
Pingshui copper quotations performed steadily, but the market was still significantly suppressed
when it was traded earlier.
The basis was flat in the next month, the performance was stable, and the trend of narrowing the spot discount in the future market still needs to wait for the clarity of the spread
.
In terms of news, the Asian market dollar index oscillated slightly, now trading around 89.
9, European and American financial markets closed during the day, the market lacked focus, trading was light
.
In addition, domestic overnight Shibor was quoted at 2.
69%, up 10.
9 basis points, indicating that the cost of interbank borrowing has risen and funds have become tight
.
In terms of industry, it is reported that workers at the Radomiro Tomic mine under Codelco Copper Company refused to accept the salary plan
.
During the day, the Shanghai copper 1805 contract oscillated to 50180 yuan / ton, recovering the 50,000 mark, partly boosted by technical rebound demand, but the current copper price is still running below the main moving average group, and the recent increase in copper stocks has limited the height
of copper price rebound.
In terms of operation, it is recommended that the Shanghai copper 1805 contract can be backed by 50,800 yuan below the sky, and the entry reference is around 50,300 yuan, and the target is 49,500 yuan / ton
.
