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Today's Shanghai copper main contract 1605 climbed strongly, changing the weak trend of nearly a week, closing up to 36940 yuan / ton, up 2.
58% from yesterday's closing price, an increase far stronger than Lun copper's 1.
16%.
Externally: Asia Copper continued the rebound trend of nearly a week, and the rise further expanded, of which Shanghai copper closed 3-month LME copper rose 1.
16% to 4787 US dollars / ton, hitting a new high since November 13 last year, effectively stabilizing above the moving average group, but copper prices rose for nearly a week, short-term attention to retraction confirmation, below support focus on 4700 US dollars / ton
.
Macro: Asian domestic A-shares continued to rebound, and the increase expanded significantly, boosted by the sharp rise in the real estate sector, which also promoted the improvement
of base metals market sentiment.
In addition, the final Markit manufacturing PMI in February was 51.
3, better than the initial value and expectations, while the US ISM manufacturing PMI in February was 49.
5, a new high since September 2015, stronger than expected and the previous value, and also bullish base metals
.
Watch for the US ADP employment data for February tonight, which is seen as a forward indicator
of the US non-farm payrolls data.
Market: There are still some imported brand sources in the intraday market, such as India, MOOK and other low quotations, and the discount can be reported below 200 yuan / ton, but the holders of most varieties in the support of long-term order delivery demand basically maintained yesterday's level, and the proportion of domestic copper is still small, suitable long-term orders are difficult to find, and after the sharp rise in the market, yesterday some of the hedging orders were set shipments restricted, so the holders still have a certain price mentality, downstream enterprises maintain a wait-and-see, in the short term will still be based on the circulation between traders and middlemen
。
Today's Shanghai copper 1605 contract climbed strongly to 36940 yuan / ton, effectively achieving an upward breakthrough, indicating that the short-term long and short glue is dominated
by bulls.
Under the dual cooperation of technical and fundamental, copper prices still have room to rise, and it is operationally recommended that the Shanghai copper 1605 contract can still be backed by 36200 yuan / ton above the dip and long, and the upper resistance is concerned about 37500 yuan / ton
.
