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Trade Service
Today's Shanghai copper main contract 1707 oscillated around 45900 yuan, closing at 45970 yuan / ton, up 0.
24% per day, intraday trading at 46070-45730 yuan / ton, Shanghai copper is still running at the intersection of moving averages, showing that long-short trading is repeated, short-term operation is relatively oscillating
.
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 1706 contract and the 1707 contract fell to 20 yuan / ton
.
Externally: Asian Lun copper oscillation rebound, of which the 3-month London copper operating range of 5717-5680 US dollars / ton, now slightly up 0.
04% to 5706 US dollars / ton, its upper rebound resistance focus on M60, that is, 5751 US dollars / ton
.
In terms of positions, as of May 23, the position of London copper was 327,000 lots, an increase of 5,631 hands per day, and the increase in positions of London copper this week was mainly higher, indicating that bulls are confident in bargaining and bulls, and copper prices are willing to rise
.
Macro: The Asian dollar index continued to fall under pressure and is now trading around 96.
95, hitting a new low
in more than six months.
In addition, international rating agency Moody's downgraded China's long-term local and foreign currency issuer ratings to A1 from Aa3 to A1, and slightly stabilized
its rating outlook from negative adjustments.
In the copper sector, Chile's National Copper Council expects copper prices of $2.
6/lb this year, operating in a range of $2.
75-2.
50/lb, up slightly from $2.
22/lb
surveyed in October.
In terms of market: on May 25, Shanghai electrolytic copper spot contracts reported a discount of 80 yuan / ton - 30 yuan / ton, flat water copper trading price of 45760-45820 yuan / ton, and premium copper trading price of 45780 yuan / ton - 45850 yuan / ton
.
On the last second trading day before the small long holiday, the willingness of holders to ship increased, the current copper discount gradually enlarged, traders further reduced operations, and the downstream received goods on demand, resulting in almost no price difference between premium copper and flat water copper, the price difference between the source of the current month's notes and the source of the next month's bills was still 30 yuan / ton, and the transaction gradually showed a pattern of oversupply as the festival approached
.
The Shanghai copper 1707 contract oscillated to 45970 yuan / ton during the day, and the short-term rebound pattern remained, while the US dollar index continued to decline, still supporting copper prices, but China's rating outlook was downgraded, and China's refined copper imports declined, limiting the height
of copper price rebound.
It is recommended that the Shanghai copper 1707 contract can be sold high and low between 45500-46300 yuan, and the stop loss is 500 yuan / ton
each.
