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Today's Shanghai copper main contract 1706 continued to fall under pressure, closing at 46670 yuan / ton, close to the intraday low of 46650 yuan / ton, and the daily closing price hit the low since March 27 this year
.
Shanghai copper is currently running below the moving average group, indicating that short-term downside risks continue to climb
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1705 contract and 1706 contract remained flat to 90 yuan / ton
.
Externally: Asian market London copper continued to fall under pressure, of which 3-month London copper fell 0.
3% to 5738 US dollars / ton, so that London copper further fell below the moving average group, but has not effectively broken through the recent oscillation finishing platform, the technical support below focus on 5700 US dollars / ton
.
In terms of positions, on April 8, the position of London copper was 343,000 lots, a daily decrease of 151 lots, and copper price positions have increased and decreased in the past three weeks, and long and short trading is cautious
.
Macro: The dollar index retreated slightly overnight, and the Asian market continued to trade around
101.
05.
In addition, China's foreign exchange reserves rose to US$3,009.
1 billion in March versus US$3,011 billion expected, the first two-month increase since April last year, indicating that the pressure on domestic capital outflows has eased
.
In terms of industry, it is reported that Peruvian copper miners under Southern Copper began an indefinite strike on Monday, but the operation was close to normal
.
In terms of market: on April 11, Shanghai electrolytic copper spot contract reported flat water - premium water 50 yuan / ton, flat water copper trading price of 46650 yuan / ton - 46730 yuan / ton
.
Shanghai copper continued to decline, the basis narrowed to about 150 yuan / ton in the next month, the speculative space fell sharply, the market transaction atmosphere was further cautious, the supply of copper was diversified, some warehouse receipts flowed out, the supply pressure increased, inhibiting the current copper premium to lift the space, the middleman operation space was limited, the downstream demand to receive goods, the transaction was general, and the supply and demand were deadlocked
.
The Shanghai copper 1706 contract continued to fall under pressure during the day, indicating that the upper rebound was blocked, but it has not completely broken through the recent oscillation finishing platform
.
In terms of operation, it is recommended that the Shanghai copper 1706 contract turn from oscillation to short thinking, you can try to back the high below 47,000 yuan, enter the market for reference around 46,800 yuan, and target 46,000 yuan / ton
.
