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Today's Shanghai copper main contract 1701 contract continued to rebound, closing up to 38990 yuan / ton, up 0.
44% per day, and the daily closing price is still close to a one-year high
.
At present, the main contract of Shanghai copper has effectively stabilized above the moving average group, and the rebound pattern has maintained well
.
In terms of term structure, the Shanghai copper 1612 contract and the 1701 contract showed a positive price difference of 20 yuan / ton, indicating that the forward contract has a strong
willingness to rise.
Externally: Asian Lun copper oscillation slightly rose, of which 3-month London copper rose 0.
25% to 4918 US dollars / ton, effectively stabilized above the moving average group, maintained the recent rise (after six consecutive days of cumulative rise of 5.
66%), the upper rebound resistance focus on 5000 US dollars / ton
.
In terms of positions, on November 2, the position of London copper was 327,000 lots, an increase of 5,529 hands per day, and the recent increase in copper positions upward, indicating that the copper price rise has funds to advance, and the long and short divergence has increased
.
On the macro front: The Asian dollar index continued to fall under pressure and is now trading around 97, achieving a five-day decline as the market continues to digest uncertainty ahead of the US presidential election and will vote
next Tuesday.
Meanwhile, the Fed's November meeting left interest rates unchanged and hinted at the possibility
of a December rate hike.
Watch for the BoE interest rate release
tonight.
In terms of industry, it is reported that Chinese copper traders end customers believe that copper demand is sluggish this year and may perform worse in 2017, because the actual demand from end users has fallen by about 5-7%.
In terms of market: on November 3, Shanghai electrolytic copper spot traded at 130 yuan / ton - 170 yuan / ton for the monthly contract, and the trading price of flat water copper was 38920-38950 yuan / ton
.
The current copper premium level is basically the same as the previous trading day, flat water copper holders' quotations are relatively firm, pushing up good copper quotations passively maintain a high level, the brand reproduces the state of no price difference, wet copper lacks demand, the premium has declined, speculators enter the market cautiously, downstream in the copper price rise is suspended, enter the market on demand to receive goods, the transaction is general, the premium further rise is hindered
.
The Shanghai copper 1701 contract continued to rise to 38,990 yuan / ton during the day, as the US dollar index fell under pressure and partially offset the pressure of the uncertainty of the US presidential election
.
At present, Shanghai copper is effectively running above the moving average group, and the upward trend of copper prices is still good
.
In terms of operation, it is recommended that the Shanghai copper 1701 contract can be backed by 38,300 yuan, and the entry is concerned about around 38,700 yuan, with a target of 39,500 yuan / ton
.
