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Overnight, the main 1701 contract of Shanghai copper opened at 44270 yuan / ton
.
At the beginning of the session, long and short near the daily moving average a battle, Shanghai copper high touched 44410 yuan / ton, after the bears gradually grasped the initiative, short-term increase positions led Shanghai copper downward touch 43620 yuan / ton, the end of the short profit closed the position, copper prices slightly recovered, closed at 43910 yuan / ton, down 260 yuan / ton, trading volume decreased 346,000 hands to 187708 lots, position decreased 8322 lots to 240050 lots
.
Overnight Shanghai copper opened low and went low, the market atmosphere turned short, the short-term correction trend remained unchanged, and it is expected to operate in the range of 43700-44200 yuan / ton
today.
Market: November 16, November 16, Shanghai electrolytic copper spot for the month contract discount of 50 yuan / ton - 10 yuan / ton, flat water copper trading price of 44030-44330 yuan / ton
.
With the sharp fluctuations in copper prices in recent days, holders are generally eager to exchange cash, in order to avoid price risks, the market supply is diversified, after the change of month, the copper premium has narrowed all the way, close to the noon there is a small discount quotation, speculators are unwilling to do high-risk speculation, the amount of market entry is limited, downstream just demand-based, still showing an oversupply pattern, market instability mentality began to dominate the transaction state
.
Inventory: As of November 11, the previous Shanghai copper inventory reported 112551 tons, a weekly increase of 14,712 tons, far lower than the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic stocks is much weaker than that of foreign countries
.
Overnight, Shanghai copper fell under pressure to 43,910 yuan, as the dollar index effectively stabilized above the 100 integer mark, limiting the height of copper price rebound, while the risk of technical pullback has not been fully released
after the rapid rise in short-term copper prices.
In terms of operation, it is recommended to focus on intraday operations, and the Shanghai copper 1701 contract can be sold high and low between 42800-45000 yuan, and the stop loss is 800 yuan / ton
each.
