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On Friday, the main contract of Shanghai copper 1805 continued to decline, further extended the decline, intraday trading at 51970-51080 yuan / ton, the end of the close fell to 51190 yuan / ton, down 1.
6% per day, Shanghai copper daily closing price hit a new low since September 25 last year, indicating that the upper selling pressure is heavier, has completely fallen below the 200-day moving average, that is, 52097 yuan / ton support
.
In terms of term structure, the positive price difference between the Shanghai copper 1804 contract and the 1805 contract narrowed slightly to 210 yuan / ton, and the forward contract was still willing to fall
.
In the external market, Asian Lun copper extended its overnight decline, of which 3-month London copper traded at 6844-6777 US dollars / ton intraday, and is now trading at 6806 US dollars / ton, down 0.
25% per day, still running below the main moving average group, showing that the upper selling pressure is heavier, and the performance is slightly resistant to falling in Shanghai copper
.
In terms of positions, on March 7, the position of London copper was 310,000 lots, an increase of 1,634 lots per day, which was the third consecutive day of increase, indicating that after the decline in copper prices, the long-short divergence increased
.
In terms of the market, on March 9, Shanghai electrolytic copper spot contracts reported a discount of 90 yuan / ton - 50 yuan / ton, and the transaction price of flat water copper was 50920-51180 yuan / ton
.
Copper in the morning market is still struggling around 51,000 yuan / ton, traders take the initiative to lower the price to receive the goods, flat water copper can be as low as 100-90 yuan / ton
.
After ten o'clock, the market quotation stabilized at flat water copper discount 80 yuan / ton, good copper discount 50 yuan / ton, downstream receiving continued to wait and see is weak, the transaction has been suppressed
.
In the second trading session, copper futures began to decline, spot traders were stationed, holders slightly narrowed the discount to good copper 40 yuan / ton, flat water copper discount 60 yuan / ton
.
On the macro front, Trump's tariff decision was not as tough as expected, the Fed's expectations of raising interest rates in March continued to heat up, the US index held the 90 mark, and the external market continued to fall under pressure
.
In addition, China's February PPI increased by 3.
7% year-on-year, worse than expected 3.
8% and the previous value of 4.
3%; The February CPI rose 2.
9% year-on-year, the highest
since November 2013.
Watch for US non-farm payrolls
data for February.
In terms of the industry, Mantos Copper recently said that the mine's environmental assessment has met the standard, and the Chilean government approved its expansion of the development of a new project at the Mantoverde copper mine in the Atacama region
.
During the day, the Shanghai copper 1805 contract fell under pressure to 51190 yuan / ton, further falling below the key technical support, and accompanied by the operation of increasing positions, indicating that short-term bears have the upper hand
.
However, after copper prices continue to fall, we still need to be wary of technical corrections
.
In operation, it is recommended that the Shanghai copper 1805 contract can be sold high and low between 51,000-52,000 yuan / ton, and the stop loss is 450 yuan / ton
each.
