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Today's Shanghai copper main contract 1703 oscillation stabilized, maintained yesterday's recorded large gains, the end of the day closed at 46980 yuan / ton, slightly down 0.
38%, the daily closing price is close to a new high in a month, the current Shanghai copper effectively stabilized above the moving average group, rebound resistance focus on 48000 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 160 yuan / ton, indicating that the forward contract has a strong
willingness to rise.
External trend: Asian market London copper oscillation slightly rose, of which 3-month London copper slightly rose 0.
52% to 5752 US dollars / ton, effectively stabilized above the moving average group, the rising pattern maintained well
.
In terms of positions, on January 10, the position of London copper was 357,000 lots, an increase of 1,898 lots per day, and the short-term position of London copper increased and decreased, indicating that long and short trading was repeated
.
Macro: The Asian dollar index tumbled to around 101.
1 today under pressure as Trump's speech disappointed markets and did not mention fiscal spending plans
.
However, overnight U.
S.
crude oil futures rose strongly, driving energy varieties up, and the commodity market was fair
.
In terms of industry information, ANZ believes that the risk of copper supply disruptions in 2017 has increased significantly, especially this year's strike in Chile may threaten global copper market supply
.
In terms of market: on January 12, Shanghai electrolytic copper spot traded at a discount of 60 yuan / ton - 60 yuan / ton for the monthly contract, and the trading price of flat water copper was 46600-46850 yuan / ton
.
The pace of speculators entering the market slowed down, the willingness of holders to hold prices weakened, and after entering the second trading period, they actively adjusted copper quotations to seek transactions, flat water copper took the lead in adjusting prices, nearly noon the whole line of discount to expand shipments, premium copper is also close to flat water level quotations, market oversupply signs are obvious, brands are diverse, the upper still has not seen the downstream obvious entry into the market, traders participation has gradually declined, transaction is weak
.
The Shanghai copper 1703 contract oscillated slightly to 46980 yuan / ton during the day, but still maintained a bullish pattern, indicating that its willingness to rise has climbed, as London copper inventories continue to decrease and the US dollar index is under pressure.
In terms of operation, it is recommended that the Shanghai copper 1703 contract can be backed by 46,500 yuan / ton above the dip, the entry reference is 46800 yuan, and the target is 48000 yuan / ton
.
