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Today's Shanghai copper main contract 1704 opened high and stabilized, closing at 48690 yuan / ton at the end, up 380 points, or 0.
79%, from the settlement price of the previous trading day, with a position of 189942 lots, a daily reduction of 1372 lots, and a volume of 261336
.
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 1703 contract and the 1704 contract widened to 250 yuan / ton, indicating that the forward contract is more willing to rise
.
Externally: Ashi Lun copper fluctuated in a narrow range around $6015/ton, and is now trading around $6018.
5/ton, and is still effectively stabilizing above
the moving average group.
In terms of holdings, the position of London copper on March 1 was 320,000 lots, a decrease of 184 lots, and the slight reduction and recovery showed that some bulls continued to dominate
.
Macro: The Asian dollar index was volatile higher today, rising as high as 101.
93, continuing its recent strong momentum
.
In addition, China's Caixin manufacturing PMI came in February at 51.
7, the second highest growth rate in four years, and the official manufacturing PMI came in at 51.
7%, higher than expected; The US ISM manufacturing index in February was 57.
7, the highest since August 2014 and better than expected at 56.
2
.
In terms of industry, as of Wednesday, workers at the Escondida copper mine in Chile, the world's largest copper mine, have been on strike for three weeks
.
But the strike at the mine showed signs of increased violence, as some of the striking workers tried to block roads and clashed
with police maintaining order.
In terms of market: on March 2, Shanghai electrolytic copper spot traded at a discount of 270 yuan / ton - 140 yuan / ton for the current month's contract, the transaction price of flat water copper was 48100-48260 yuan / ton, and the trading price of premium copper was 48200-48350 yuan / ton
。 Speculators maintain stability discount shipments, market brand supply diversification, especially the local digestion-based northern flat water copper brand also entered the Shanghai market, after entering the second trading session, copper fell slightly, speculators into the market to absorb cost-effective low-price sources, now copper discount has narrowed, reported discount 250 yuan / ton - discount 140 yuan / ton, market trading is still dominated by middlemen, especially after the copper price rises, the downstream rarely enters the market
.
The main contract of Shanghai copper 1704 continued its upward momentum during the day, mainly affected by the overall recovery of global PMI data; In addition, the recovery in the manufacturing sector will push up downstream demand for base metals to some extent, as well as inflationary pressures
.
But the dollar index soared strongly, partially limiting copper price gains
.
Operationally, it is recommended that the Shanghai copper 1704 contract be bought at 48,500 yuan / ton, with a target of 50,000 yuan / ton and a stop loss of 48,000 yuan / ton
.
