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Today's Shanghai copper main contract 1702 contract rushed back down, closing down to 46460 yuan / ton, down 0.
71% on the day, moving, close to the lower edge of the oscillating platform in the past two weeks, indicating heavier
selling pressure above.
In terms of term structure, the positive price difference between the Shanghai copper 1701 contract and the 1702 contract widened to 160 yuan / ton, indicating that the decline resistance of forward contracts has increased
.
Externally: Asian Lun copper rebounded weakly, under pressure downward, of which 3-month London copper slightly fell 0.
5% to 5696 US dollars / ton, for the third consecutive week into a high oscillation sorting, its oscillation platform lower edge focus on 5610 US dollars / ton
.
In terms of positions, on December 14, the position of London copper was 387,000 lots, a daily decrease of 2,143 lots, the first time in four days to reduce positions, this week London copper is mainly increased positions, showing that the short-term long and short divergence has increased
.
Macro: The Asian dollar index stabilized to 103, reaching an overnight high of 103.
56, a new high since December 12, 2002, partly weighing on base metals market sentiment
.
In addition, the preliminary Markit manufacturing PMI in the United States in December was 54.
2, the highest since March last year, indicating that the US manufacturing industry continues to expand
.
In terms of industry information, it is understood that the copper stock in the bonded zone this week is about 460,000 tons, unchanged
.
In terms of market: on December 16, Shanghai electrolytic copper spot reported a discount of 250 yuan / ton - 80 yuan / ton for the contract of the month, and the transaction price of flat water copper was 46400 yuan / ton - 46500 yuan / ton
。 The year is approaching, the holders are eager to exchange cash, take the initiative to actively reduce the price of cash copper in order to seek transactions, the current copper has been rapidly declining, the quotation of premium copper has been expanded from 80 yuan / ton in the morning to 130 yuan / ton, the quotation of flat water copper has been expanded from 180 yuan / ton in the morning to 240 yuan / ton, the wet copper discount is huge, the quotation discount is 370 yuan / ton - discount 310 yuan / ton, there are many quotation exchangers, few responders, the transaction is not as good as yesterday, and the characteristics of the end of the year are first
appearing.
The Shanghai copper 1702 contract fell under pressure to 46460 yuan / ton during the day, highlighting the increased risk of its high pullback, as London copper inventories have risen sharply this week, while the Federal Reserve raised interest rates by 25 basis points as scheduled, stimulating the dollar index to rise strongly, partly increasing the resistance
to copper prices.
It is recommended that the Shanghai copper 1702 contract can be cautiously held below 47500 yuan, and if it breaks, it will decisively stop the loss and exit the market
.
