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Today's Shanghai copper main contract 1705 continued to unilaterally decline, closing at 46570 yuan / ton, down 840 points, or 1.
77%, from the settlement price of the previous trading day, holding 193698 lots, increasing daily positions by 10386 lots, and trading volume 231422 lots
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1704 contract and 1705 contract widened to 170 yuan / ton, indicating that the forward contract is more willing to resist decline
.
Externally: Asian Copper extended its decline, with the lowest three-month copper falling to 5688 US dollars / ton, close to the low point since January 9 this year, and is now trading around
5709 US dollars / ton.
In terms of positions, on March 7, the position of London copper was 330,000 lots, an increase of 689 lots, and the decline of London copper positions indicates that bears continue to enter the market
.
Macro: The Asian dollar index fluctuated higher today, rising as high as 102.
23 and now trading at 102.
13
as last night's ADP employment data was much higher than expected.
In addition, US ADP payrolls surged by 298,000 in February, the biggest increase since December 2015, well ahead of expectations of 190,000 and the previous reading of 246,000, suggesting that Friday's non-farm payrolls data could be stronger than expected
.
China's February CPI unexpectedly fell to 0.
8% year-on-year, the slowest pace since January 2015 and far below expectations of 1.
7% and the previous reading of 2.
5%.
On the industry front, BHP told a local radio station on Wednesday that once the strike exceeds 30 days, the company may use temporary workers to try to restart production at its Escondida copper mine in Chile
.
Market: On March 9, Shanghai electrolytic copper spot contracts reported a discount of 50 yuan / ton - 60 yuan / ton for the month, flat water copper trading price of 46380-46480 yuan / ton, and premium copper trading price of 46440-46560 yuan / ton
.
Speculators continue to push up the current copper premium to make up for the loss, but with the decrease in the number of incoming goods in the market, the current copper premium is more difficult, the price difference between flat water copper brands is relatively limited, and the downstream wait-and-see sentiment continues before copper prices stabilize, and the transaction is not as good as yesterday
.
The main Shanghai copper contract fluctuated to the downside after opening low at 1705 during the day, affected by the weak overall base metal market, the largest
decline in six consecutive trading days.
Today's copper breaks through the 60-day line downwards, or opens short-term
downside.
In terms of operation, it is recommended that the Shanghai copper 1705 contract be at a high altitude of 47,000 yuan / ton, with a target of 46,000 yuan / ton and a stop loss of 47,500 yuan / ton
.
