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Today's Shanghai copper main contract 1705 bottomed out, closing at 47670 yuan / ton, up 0.
65% daily, the daily closing price returned to the level of a week ago, more than 3.
69%
from the low of 45970 yuan / ton in this round of correction.
At present, the main force of Shanghai copper is still running at the intersection of moving averages, and the trend is oscillating
.
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 1704 contract and the 1705 contract widened to 230 yuan / ton, indicating that the forward contract has a strong
willingness to rebound.
Externally: Asian London copper fluctuated in a narrow range around 5820 US dollars / ton, and the operating range was 5840-5814 US dollars / ton, of which 3-month London copper remained flat at 5831 US dollars / ton, and the performance continued to stagnation in Shanghai copper
.
In terms of positions, on March 13, the position of London copper was 332,000 lots, a daily decrease of 1,692 lots, and the oscillation of more than a week has increased the position of London copper, indicating that the long and short divergence has increased
.
Macro: The U.
S.
dollar index rebounded overnight, rising 0.
36% on a daily basis, and basically stabilized around 101.
68 this morning, and the market is currently focused on the Fed's interest rate decision in the early hours of Thursday morning, with strong expectations of interest rate
hikes.
In addition, the US PPI rose 2.
2% y/y in February, better than the expected 1.
9%, indicating that US inflationary pressures have increased, and also increased expectations
of interest rate hikes by the Federal Reserve.
In terms of industry, it is reported that Chile's Escondida copper miners will once again refuse the invitation to restart consultations, because the needs of miners have not been fully addressed
.
In terms of market: on March 15, Shanghai electrolytic copper spot traded at a discount of 30 yuan / ton - 100 yuan / ton for the current month's contract, the transaction price of flat water copper was 46760-46960 yuan / ton, and the transaction price of premium copper was 46820 yuan / ton - 47060 yuan / ton
.
Shanghai copper continued to rise, the basis before the month expansion to around 300 yuan / ton, attracting speculators to enter the market before delivery to absorb low-priced sources, pushing up the current copper near-delivery level quotation, downstream sporadic entry into the market, the market waited for the operation after the change of month, and the transaction activity declined
.
The intraday Shanghai copper 1705 contract oscillation rebounded to 47670 yuan / ton, mainly boosted by China's strong economic data, but due to the Federal Reserve's interest rate decision is imminent, long and short trading is still cautious, and before the technical breakthrough, it is recommended that the range oscillation operation is the mainstay
.
It is recommended that the Shanghai copper 1705 contract can be sold high and low in the range of 47300-48000 yuan, and the stop loss is 400 yuan / ton
each.
