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Today's Shanghai copper main contract 1705 oscillation slightly declined, closing at 47360 yuan / ton, down 0.
42% on the day, up more than 3%
from the low of 45970 yuan / ton in this round of correction.
At present, the main force of Shanghai copper has returned to the intersection of moving averages and has fallen into range oscillation
.
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 1704 contract and 1705 contract remained stable at 200 yuan / ton, indicating that the forward contract has a strong
willingness to rebound.
External market trend: Asian Lun copper fluctuated in a narrow range around 5800 US dollars / ton, and the operating range was 5817-5775 US dollars / ton, of which the 3-month London copper was flat at 5796 US dollars / ton, and the performance continued to stagnation in Shanghai copper
.
In terms of positions, on March 10, the position of London copper was 334,000 lots, an increase of 402 lots per day, and the increase in positions of London copper oscillated in the past week, indicating that the divergence between long and short increased
.
On the macro front: The Asian dollar index rebounded and rose further to around 101.
55, with risk aversion climbing
as the Fed's interest rate decision approached.
At the same time, China's January-February economic data were mostly better than expected, with the added value of industries above designated size in January-February +6.
3% year-on-year, better than the expected 6.
2%.
On the industry front, Peru's largest copper mine strike entered its fourth day, maintaining half of its operating capacity as negotiations between unions and management failed to resolve labor disputes
.
In terms of market: on March 14, Shanghai electrolytic copper spot traded at a discount of 30 yuan / ton - 100 yuan / ton for the month's contract, the transaction price of flat water copper was 46760-46960 yuan / ton, and the transaction price of premium copper was 46820 yuan / ton - 47060 yuan / ton
.
Shanghai copper continued to rise, the basis before the month expansion to around 300 yuan / ton, attracting speculators to enter the market before delivery to absorb low-priced sources, pushing up the current copper near-delivery level quotation, downstream sporadic entry into the market, the market waited for the operation after the change of month, and the transaction activity declined
.
The Shanghai copper 1705 contract oscillated slightly to 47360 yuan / ton during the day, partly suppressed by the pressure of Shanghai aluminum and the strengthening of the US dollar index
.
At present, copper prices are caught in range oscillation, long and short trading needs to be cautious, before the technical obvious breakthrough, it is recommended that range oscillation operation is the mainstay
.
It is recommended that the Shanghai copper 1705 contract can sell high and low in the range of 47100-48000 yuan, and the stop loss is 400 yuan / ton
each.
