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Overnight, the main 1704 contract of Shanghai copper opened higher at 48780 yuan / ton
.
At the beginning of the session, Shanghai copper around the daily moving average narrow range, long increase positions led Shanghai copper to rise to 49100 yuan / ton, then long profit outflow, Shanghai copper pullback to 48330 yuan / ton, late part of the short position closed, Shanghai copper back up 48630 yuan / ton position, closed at 48660 yuan / ton, up 350 yuan / ton, trading volume decreased 184,000 hands to 155702 lots, position increased 318 lots to 191632 lots
。 Overnight Shanghai copper high volatility, the whole line station on the average group, February manufacturing PMI data to promote consumption expectations, downstream also gradually into the market procurement, is expected to Shanghai copper strong operation at 48500 ~ 49100 yuan / ton
.
In terms of the market: Shanghai copper first suppressed and then rose, the current copper discount slightly expanded, some speculators in the morning market price into the market, after entering the second trading session, Shanghai copper rose rapidly, morning speculators profit shipments, the current copper discount once expanded, flat water copper a small amount of quotation once exceeded the discount of 300 yuan / ton, but after the stability of the plate at noon returned to rationality, the current copper discount once again narrowed, downstream demand-based, speculators favor low-priced sources, low price to receive goods, the transaction is mostly speculative characteristics, trading is general, still dominated by Chinese
。
Industry: Indonesia's massive Grasberg copper mine will not "resume business as usual," with operations disrupted
since mid-January due to stagnant exports.
Grasberg was scheduled to shrink copper ore production to 95,000 tonnes per day in 2017, compared with a previous estimate of 140,000 tonnes, and the mine will process 70,000-80,000 tonnes
of copper ore per day.
Too many
messages.
Overall, the rise in copper prices stimulated by the news is unsustainable, which is favorable for the market in the short term, but the pressure on copper inventories remains, and the market continues to look downward and adjust
.
Intraday operation advice, short on the high
.
