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On Tuesday, the main contract of Shanghai copper 1805 fell under pressure, further cutting the previous day's gains, the intraday trading range was 52200-51710 yuan / ton, and closed at 51740 yuan / ton, down 0.
42% on a daily basis, thus making copper prices fall below M200 and increasing the risk of decline
.
In terms of term structure, the positive price difference between the Shanghai copper 1804 contract and the 1805 contract widened slightly to 300 yuan / ton, and the willingness of the forward contract to decline has weakened
.
In the external market, Asian Lun copper continued to fall under pressure, of which 3-month London copper traded at 6944-6873 US dollars / ton, and is now trading at 6881 US dollars / ton, down 0.
49% per day, still running below the main moving average group, indicating heavier
selling pressure above.
In terms of positions, on March 9, the position of London copper was 310,000 lots, a daily decrease of 1,741 lots, the first reduction in five days, indicating that the confidence of bulls to buy the dip is insufficient
.
In terms of the market, on March 13, Shanghai electrolytic copper spot traded at a discount of 10 yuan / ton - 40 yuan / ton for the monthly contract, and the trading price of flat water copper was 51260-51450 yuan / ton
。 Shanghai copper high open low, continue to consolidate around the 5-day moving average, the price difference expanded to 300-330 yuan / ton in the next month, the holder is struggling to rise up, good copper holds the premium 20-30 yuan / ton, flat water copper around flat water, discount 10 yuan / ton is slightly better, flat water copper market favor is still higher than good copper, although the trading volume is not as good as yesterday, but still relatively stable, downstream to maintain just need to receive goods, speculators are not active, performance is cautious, supply and demand stalemate pattern is temporarily difficult to break
.
In terms of stocks, COMEX copper stocks 233372 short tons as of March 12, an increase of 707 tons from March 9; LME copper stocks were 321125 tonnes, up 10,000 tonnes from March 9; As of March 13, SSE futures inventories were 110235 tons, an increase of 4,108 tons
from the previous day.
On the industry front, the DRC signed a bill to raise mining royalties last week, sending the global mining industry into panic
.
But these taxes are still relatively low
compared to most other countries.
Congo currently has a copper mining rate of 2%, while Chile and Peru, the two largest copper producers, pay five times
the royalties of Congo.
During the day, the Shanghai copper 1805 contract fell under pressure to 51740 yuan / ton, effectively running below the moving average group, indicating that the upper selling pressure is heavier, and it is necessary to hold a cautious short-term idea
.
In operation, it is recommended that the Shanghai copper 1805 contract can be backed by 52,500 yuan below the sky, and the entry reference is around 52,000 yuan, and the target is 51,000 yuan / ton
.
