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Today's Shanghai copper main contract 1703 continues to fluctuate in a narrow range around 45500 yuan / ton, the intraday operating range is 45770-45090 yuan / ton, and the end of the day closed at 45350 yuan / ton, down 0.
9% per day, at present, Shanghai copper has not effectively broken through the upper average suppression, rebound resistance focus on 46500 yuan / ton
.
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 1702 contract and 1703 contract remained at 170 yuan / ton, indicating that forward contracts have a strong
willingness to resist decline.
In terms of external trading: Asian Lun copper around 5580 US dollars / ton around the weak finishing, of which 3 months London copper flat at 5582 US dollars / ton, has not fallen below the oscillation finishing platform
for more than a week.
In terms of positions, on January 4, the position of London copper was 356,000 lots, a daily decrease of 1,286 lots, indicating that the increase in short-term positions is difficult to sustain, and the long-short operation is repeated
.
Macro: The Asian dollar index rebounded weakly, now trading around 101.
7, down 0.
59% this week, a two-week losing streak
.
The final Markit services PMI in December was 53.
9, up from 53.
4 but lower than the previous reading of 54.
6
.
At the same time, the number of initial jobless claims in the United States for the week of December 31 was 235,000, close to the lowest in 43 years and lower than expected and the previous value, indicating that the US labor market continues to improve
.
Tonight, the market is focused on US non-farm payrolls for December, which is expected to increase by more than 170,000.
In terms of the industry, it is reported that mining companies have been cutting prospecting budgets for consecutive years, and the decline in the quality of copper and other metal ores has worsened
.
Market: On January 5, Shanghai electrolytic copper spot traded at a discount of 120 yuan / ton - 20 yuan / ton for the current month's contract, and the transaction price of flat water copper was 45080-45200 yuan / ton
.
Speculators bargain sucked goods, now copper discount further narrowed, wet copper still has not seen significant improvement, and flat water copper price difference widened, downstream gradually entered the market to receive goods, transactions under the guidance of middlemen day by day, the market is looking forward to next week ushering in the stocking tide
before the Spring Festival.
Approaching delivery, the price difference in the next month is still above 100 yuan / ton, and the spot will gradually turn to a rising state next week, but the flat water copper price difference will be larger
.
The Shanghai copper 1703 contract oscillated to 45350 yuan / ton during the day, maintaining the oscillation finishing for more than a week, indicating that the technical support below it is still effective, as the US dollar index is under pressure and the London copper inventory continues to decrease, copper market operations still need to be cautious
.
It is recommended that the Shanghai copper 1703 contract can be sold high and low between 45000-46500 yuan, and the stop loss is 500 yuan / ton
each.
