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Today's Shanghai copper main contract 1705 opened low and stabilized, closing at 46650 yuan / ton at the end, down 320 points, or 0.
68%, from the settlement price of the previous trading day, with a position of 199260 lots, a daily increase of 5562 lots, and a volume of 207214 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 1704 contract and the 1705 contract narrowed to 100 yuan / ton, indicating that the willingness of forward contracts to resist decline has weakened
.
Externally: Asian market London copper fluctuated upward, the trend was contrary to Shanghai copper, of which the 3-month London copper rose to 5722.
5 US dollars / ton, now trading around
5715 US dollars / ton.
In terms of positions, on March 8, Luncopper held 331,000 lots, an increase of 1,246 lots
.
The continued decline in additional positions indicates that the bears still have great momentum
.
Macro: The Asian dollar index traded sideways today, rising as high as 102.
05 and now trading at 101.
93
.
In addition, China's new RMB loans in February amounted to 1.
17 trillion yuan, almost from 2.
03 trillion yuan in January, and the increase in social financing in February was 1.
15 trillion yuan, lower than the estimate of 1.
45 trillion yuan, only one-third
of the historical peak of 3.
74 trillion yuan in January.
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: today's Shanghai electrolytic copper spot contract discount of 60 yuan / ton - premium 50 yuan / ton, flat water copper trading price 46060 yuan / ton - 46220 yuan / ton, premium copper trading price 46100 yuan / ton - 46300 yuan / ton
.
The decline of Shanghai copper has not stopped, and the price spread has gradually narrowed in the next month, inhibiting the enthusiasm of speculators to operate, but the increase in downstream bargain buying has made the current copper maintain a stable level of yesterday's premium, and flat water copper is more favored, but the receiver enters the market at a low price, and the market bargain transaction is good, but the space for spot premium is limited
.
The main contract of Shanghai copper opened low and went high during the day, repairing some of the decline, and although it closed down for the seventh consecutive trading day, the overall bearish has been released, and the basis has narrowed to about
300 yuan / ton today.
On the technical side, the main contract position continues to enlarge, and the futures price has deviated far from the 60-day moving average, and there is a high probability of stepping
back.
In operation, it is recommended that the Shanghai copper 1705 contract go long at a low level, open a position for reference of 46400 yuan / ton, and stop loss 45600 yuan / ton
.
