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Today's Shanghai copper main contract 1705 fluctuated sharply, operating in the range of 47020-45600 yuan / ton, closing at 46740 yuan / ton, up 1.
04% per day, but the daily closing price is still running below the moving average group, and short-term downside risks remain.
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 1704 contract and the 1705 contract narrowed to 160 yuan / ton, indicating that the forward contract has a strong
willingness to rise.
Externally: Asian London copper oscillation slightly declined, slightly weaker than Shanghai copper, of which the 3-month London copper edged down 0.
28% to 5784 US dollars / ton, still running below
the main moving average group.
In terms of positions, on March 24, Luncopper held 329,000 lots and reduced its position by 727 lots
.
Recently Luncopper's position has increased and decreased, indicating that long and short trading is cautious, but at present, bears are dominant
.
Macro: Today's Asian dollar index rushed back down, extending its overnight decline, and is now trading around 99.
2, mainly suppressed by
Trump's policy uncertainty.
In addition, the profits of industrial enterprises above designated size in China increased by 31.
5%
year-on-year in January-February.
In terms of industries, Chile produced 503,874 tonnes of copper in December, up 1.
6% from a year earlier, as ore grades improved and processing rates at "important mines" rose
, data released by the Chilean government.
In terms of market: on March 28, Shanghai electrolytic copper spot traded at a discount of 200 yuan / ton - 130 yuan / ton for the monthly contract, and the transaction price of flat water copper was 46400-46520 yuan / ton
.
The mainstream trading range of the Shanghai copper market is relatively limited, the current copper quotation level is basically the same as yesterday, the factors at the end of the quarter contain the market trading, the supply is abundant, but the wet copper supply is difficult to find, speculators downstream is still subject to the end of the month and the end of the quarter factors, few into the market trading, the pattern of oversupply is obvious, the later period with the end of the month approaching, the current copper discount has a further expansion trend
.
The main Shanghai copper contract 1705 oscillated during the day, repairing yesterday's decline
.
On the technical side, the main contract reduced its position and rose, indicating that the bears actively took profit and exited the market on the
dip.
The short-term copper market is intertwined with long-short factors, namely the weakening of the US dollar and the imminent start of the Brexit process in the UK, which makes the trend of copper prices volatile
.
In terms of operation, it is recommended that the Shanghai copper 1705 contract can sell high and low in the range of 45900-47500 yuan, and the stop loss is 450 yuan / ton
each.
