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Today's Shanghai copper main contract 1704 fluctuated downward, closing at 48660 yuan / ton at the end of the day, down 390 points, or 0.
8%, from the settlement price of the previous trading day, holding 221726 lots, reducing positions by 5400 lots per day, and the trading volume was 269764 lots
.
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 1703 contract and the 1704 contract narrowed to 190 yuan / ton, indicating that the willingness of forward contracts to resist decline was weakened
.
Externally: Ashilun copper oscillated lower, and the trend resonated
with Shanghai copper.
Among them, the lowest three-month London copper fell to 6008.
9 US dollars / ton, and it is now trading around
6021.
5 US dollars / ton.
In terms of positions, the position of London copper on February 20 was 324,000 lots, a decrease of 1,301 lots, and the downward adjustment of the reduction position indicates that a wave of bearish release after a wave of rise, and some bulls took profits and left the market
.
Macro: The Asian dollar index bottomed out, falling as low as 101.
25 and now trading at 101.
44
.
In addition, the preliminary value of the Eurozone composite PMI rose to 56, a new high in nearly 6 years; The preliminary PMI in the services sector rose to 55.
6, a 70-month high, while the manufacturing PMI hit a 70-month high
.
Domestically, the price of newly built commercial housing in first- and second-tier cities basically stopped rising
month-on-month in January.
On the industry front, Chile's Escondida copper mine said on Tuesday that it would not begin replacing striking workers for at least 30 days of the strike, meaning that if the strike continues, the mine will not resume production for at least the next two weeks, showing its willingness to talk
.
In terms of market: today's Shanghai electrolytic copper spot contract discount of 280 yuan / ton - discount 130 yuan / ton, flat water copper transaction price of 48350 yuan / ton - 48530 yuan / ton, premium copper trading price 48440 yuan / ton 48600 yuan / ton
。 Shanghai copper fell slightly, the market transaction fell silent again, although the holders because of the copper price fall, the current copper discount is unwilling to make too many adjustments, the current copper discount is slightly narrower than yesterday, the intraday copper discount with the plate fluctuations fine-tuned, speculators have not yet reached the psychological space, the amount of market entry is reduced, the overall transaction is not as good as yesterday, the oversupply pattern is obvious, today's market first appeared the current month's note source price difference, and next month's note source price difference maintained at about
20 yuan / ton.
The main Shanghai copper contract ended its rally during the day, and fell slightly due to the pullback of base metals, showing a strong resistance to declines as a whole compared with other base metal varieties
.
The news of the Chilean copper mine strike shows that the management is full of sincerity and is expected to end the strike within a month, but it remains to be seen
whether the trade union is willing to dialogue.
In terms of operation, the pattern remains unchanged, and it is recommended that the Shanghai copper 1704 contract pullback to buy more reference 48500 yuan / ton, stop loss reference 48000 yuan / ton
.
