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Today's Shanghai copper main contract 1706 oscillated and rebounded, closing up to 46030 yuan / ton, up 1.
03% per day, up 2.
74% from the low of 44800 yuan / ton in this round of correction, and the intraday operating range was 46120-45460 yuan / ton
.
At present, Shanghai copper is still running below the main moving average group, indicating that short-term downside risks remain.
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 slightly widened to 50 yuan / ton
.
External trend: Today's London copper oscillation rebound, of which 3-month London copper slightly rose 0.
43% to 5659 US dollars / ton, but London copper is still running below the main moving average group, short-term downside risk remains
.
In terms of positions, on April 19, the position of London copper was 337,000 lots, a daily decrease of 4,466 lots, and this week's London copper reduced its position oscillation, recovering some of the losses in the week, showing that bears actively reduced their positions on dips and left the market
.
Macro: The US dollar index bottomed out overnight, but the Asian market fell under pressure, indicating that the upper selling pressure was heavier, and it is now trading around
99.
7.
In addition, initial jobless claims were 244,000 in the week ended April 15, but they remained low, and renewed jobless claims fell to the lowest level in about 17 years, indicating a continued tightening
of the US labor market.
In terms of industry, according to data from the International Copper Research Group, the global copper supply was 51,000 tons in January 2017, compared with 44,000 tons in the same period last year, while the global copper production in January was 1.
976 million tons and the consumption was 1.
925 million tons
.
Spot: On April 21, Shanghai electrolytic copper spot traded at 70 yuan / ton - 140 yuan / ton for the monthly contract, the transaction price of flat water copper was 45700-45840 yuan / ton, and the transaction price of premium copper was 45720 yuan / ton - 45860 yuan / ton
.
Shanghai copper low level rebounded, market warehouse receipts outflow, copper premium gradually narrowed, speculators wait-and-see sentiment increased, willingness to receive goods decreased significantly, supply pressure first appeared, downstream weekends are mainly on demand, transaction activity is not as active as yesterday
.
The market generally expects that with the import of copper entering the domestic market next week, the current copper premium will narrow to a certain extent
.
The Shanghai copper 1706 contract oscillated and rebounded to 46030 yuan / ton during the day, indicating that after the release of downside risks, the willingness to rebound increased, but due to short-term bearish factors, the rebound height is still limited, and the operation still needs to be cautious
.
In 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 45600-47000 yuan, and the stop loss is 400 yuan / ton
each.
