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Today's Shanghai copper main contract 1702 contract continued to fall under pressure, closing down to 46490 yuan / ton, down 0.
92% on a daily basis, close to the lower edge of the oscillating platform in the past two weeks, indicating that the upper selling pressure is heavier
.
In terms of term structure, the positive price difference between the Shanghai copper 1701 contract and the 1702 contract narrowed to 90 yuan / ton, indicating that the decline resistance of the forward contract declined
.
External trend: Asian market London copper continued to fluctuate in a narrow range, of which the 3-month London copper edged down 0.
18% to 5710 US dollars / ton, for the third consecutive week into a high oscillation sorting, its oscillation platform lower edge focus on 5610 US dollars / ton
.
In terms of positions, on December 12, the position of London copper was 385,000 lots, an increase of 1,195 lots per day, an increase of two consecutive days, and the short-term long-short divergence increased
.
Macro: The Asian dollar index fluctuates in a narrow range, now trading around 100.
84, and the December Fed interest rate decision will be announced at about 3 a.
m.
tomorrow, and the market has high expectations of interest rate hikes, before which long-short trading cautious sentiment climbed
.
In addition, China's M2 money supply in November increased by 11.
4% year-on-year, while M1 growth rate was 22.
7%, and the scissor gap between the two is still large, indicating that funds have still not effectively entered the real economy
.
In terms of industry information, the CEO of Chile's state-owned copper company said that the average copper price in 2017 is conservatively expected to be $2.
4/lb, higher than the previous forecast of $2.
2/lb
.
In terms of market: on December 14, Shanghai electrolytic copper spot traded at 20 yuan / ton - 150 yuan / ton for the monthly contract, and the trading price of flat water copper was 46150-46350 yuan / ton
.
The basis of the morning market next month remained at 230 yuan / ton -250 yuan / ton, there are still speculators entering the market to absorb good copper, the current copper premium is further pushed up, the monthly difference in the near noon is reduced to 150 yuan / ton, the current copper premium narrowed, returned to the morning market state, the transaction is still based on middlemen, downstream demand-based, the transaction first rises and then suppresses, tomorrow is the last trading day of the month, the premium quotation is closely related to the size of the basis
.
The Shanghai copper 1702 contract fell under pressure to 46490 yuan / ton during the day, and the center of gravity shifted further downward, highlighting the increased risk of its high pullback, and at the same time, because the much-anticipated Fed interest rate decision was about to be announced, the market panic climbed
.
Prior to this, it is recommended that the Shanghai copper 1702 contract can be cautiously held below 47500 yuan, and if it breaks, it will decisively stop and exit the market
.
