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Today's Shanghai copper main contract 1710 bottomed out, further continuing the recent rebound trend, especially in the afternoon rapid rise, intraday trading at 51920-50650 yuan / ton, the end of the day closed at 51650 yuan / ton, up 1.
16%.
The daily closing price was close to the high of January 8, 2014, and effectively broke through the high oscillation consolidation platform
of the past two weeks.
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 1709 contract and the 1710 contract was flat to 130 yuan / ton
.
In the external market, Asian Lun copper oscillated and rebounded, of which 3-month London copper traded at 6593-6473 US dollars / ton, up slightly 0.
96% to 6543 US dollars / ton, and hit a new recent high, the current London copper is close to the high since November 27, 2014, its performance is basically consistent
with the trend of Shanghai copper.
In terms of positions, on August 17, the position of London copper was 340,000 lots, an increase of 895 lots per day, and in the past week, the position of London copper has increased and decreased, while the high rise of copper prices is limited, showing that long and short trading is cautious
.
On the macro front, the Asian dollar index fluctuated in a narrow range and is now trading around
93.
5.
In addition, a total of 750 billion yuan of reverse repurchase expired in the open market this week, and 2300, 700, 2200, 1000 and 130 billion yuan of funds expired
from Monday to Friday.
Today, 180 billion yuan of reverse repurchase operations were carried out, with a net withdrawal of 50 billion yuan
.
In the copper industry, Zambia has fully restored full power to First Quantum Mining, and Zambia's finance and energy minister said last Saturday that it cut power supply
to the mine earlier this week due to disagreements between the two sides over electricity price adjustments.
In terms of the market, on August 21, Shanghai electrolytic copper spot reported a discount of 140 yuan / ton - 90 yuan / ton for the contract of the month, and the transaction price of flat water copper was 50800-50980 yuan / ton
.
Shanghai copper in the 51,000 yuan / ton of the first line of shock sorting, intraday quotation is stable, market supply is relatively loose, flat water copper is particularly rich in varieties, some imported copper quotations are low for transactions
.
Downstream maintenance of rigid demand, good copper is difficult to have room for price reduction, so the activity of traders is also limited
.
Zinc is still strong and record high, copper futures follow the performance is easy to rise and fall, the value preservation is also more cautious, the overall intraday trading is light, the supply exceeds demand obviously, highlighting Monday's characteristics
.
Intraday Shanghai copper 1710 contract rose strongly to 51650 yuan / ton, another more than 3 and a half years of new high, along with the increase of positions and volume operation, showing that short-term long and short divergence increased, but dominated by bulls, while Shanghai nickel and zinc continued to rise strongly, still conducive to driving non-ferrous metals market sentiment
.
In terms of operation, it is recommended that the Shanghai copper 1710 contract still maintain a long idea in the short term, which can be backed by 50,800 yuan above the dip, with an entry reference of 51,500 yuan and a target of 52,300 yuan
.
