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Today's Shanghai copper main contract 1703 under pressure and heavy decline, sharply cut the recent gains, the end of the day closed down to 46780 yuan / ton, down 2.
44% per day, hitting a low since January 10, the current Shanghai copper fell back to the moving average intertwined operation, but still far above M60, 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 the Shanghai copper 1702 contract and the 1703 contract remained at 170 yuan / ton, indicating that the willingness of forward contracts to rise is still strong
.
Externally: Ashi Lun copper continued to fall under pressure, of which 3-month London copper fell 0.
94% to 5788 US dollars / ton, but still effectively stabilized above the main moving average group, and the upward pattern remained good
.
In terms of positions, on January 13, the position of London copper was 354,000 lots, a slight decrease of 701 lots per week, and in recent weeks, the position of London copper has increased and decreased, indicating that long and short trading has been repeated
.
Macro: The dollar index rebounded overnight, but today's Asian dollar index rebounded weakly, falling under pressure to around
101.
1.
As the British Prime Minister is about to announce Brexit-related matters, market panic has climbed, causing commodities to fall
under pressure.
In terms of industry, the State Grid Corporation of China announced its 2017 work plan: it is expected that the power grid investment will be 465.
7 billion yuan, electricity sales will be 3,767 billion kWh, operating income will be 2.
2 trillion yuan, total assets will be 3.
7 trillion yuan, and profits will be 91 billion yuan
.
In terms of market: on January 17, Shanghai electrolytic copper spot traded at a discount of 220-100 yuan / ton for the contract of the month, and the trading price of flat water copper was 46400-46240 yuan / ton
.
Intraday speculators made profits to increase shipments, after the change of months, the copper maintained a discount state, the supply pressure was greater, the current copper discount due to the lack of transaction quotation slightly loosened, after eleven o'clock Shanghai copper quickly fell 900 yuan, speculators profited, the current copper discount did not see a significant narrowing, downstream dip market entry increased, copper prices fell below 47,000 yuan after the market trading improved, the transaction first fell and then rose
.
Intraday Shanghai copper 1703 contract under pressure fell to 46780 yuan / ton, in addition to external factors, copper prices continued to rise, bulls high profit take demand increased, but due to the short-term rise pattern remains, the pullback should not be too bearish
.
In terms of operation, it is recommended that the Shanghai copper 1703 contract can be backed by 46,000 yuan / ton above the dip, the entry reference is 46,500 yuan, and the target is 47,500 yuan / ton
.
