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Today's Shanghai copper main contract 1704 opened low after the shock rebounded, closing at 48280 yuan / ton, down 430 points, or 0.
88%, from the settlement price of the previous trading day, holding 184934 lots, reducing positions by 5008 lots per day, and trading volume 254492 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 230 yuan / ton, indicating that the willingness of forward contracts to resist decline was weakened
.
Macro: The Asian dollar index fell slightly weakly, partially cut its overnight losses, and is now trading around 102.
04, and is currently stabilizing above
the moving average.
In addition, the number of initial jobless claims in the United States fell again last week and fell to a 44-year low, adding another example of an improving labor market and a surge in the probability of a Fed rate hike in March to 88%; Eurozone CPI rose 2% year-on-year in February, rising above
the ECB's target level for the first time in four years.
On the industry front, Chile's mining minister, Aurora Williams, said on Thursday that the 25-day strike at the country's Escondida copper mine would weigh on Chile's copper output while also slumping the country's GDP growth by about 1 percentage point
in February.
In terms of external trading: Asian market London copper bottomed out, of which the 3-month London copper fell to 5901 US dollars / ton, and is now trading around
5939 US dollars / ton.
In terms of positions, the position of London copper on March 1 was 326,000 lots, and the position increased by 5,862 lots
.
The pullback to increase positions indicates that some bearish entries are dominant
.
In terms of market: today's Shanghai electrolytic copper spot contract reported a discount of 210 yuan / ton - 100 yuan / ton, flat water copper trading price of 47580 yuan / ton - 47700 yuan / ton, premium copper trading price of 47630-47750 yuan / ton
。 Holders have narrowed the quotation of copper discount, middlemen in addition to the long-term delivery demand into the market to receive, after gradually entering the March delivery cycle, based on the judgment of the narrowing of the discount and the narrowing of the basis in the future, speculators are also more active in receiving goods, the market recently showed the first signs that flat water copper trading is better than good copper, wet copper due to the gradual reduction of the source of goods discount narrowing obviously, quotation discount of about 300 yuan / ton transaction is good, active buying increased
.
Downstream on-demand sporadic market entry, transaction has improved
.
The main contract of Shanghai copper opened low at 1704 during the day, recovering some of the overnight amplified losses
.
The recent global manufacturing and CPI data continued to rise to boost downstream demand for copper, and there may be strong support below the 47,500 point, but the surge in the probability of the Fed's interest rate hike in March may cause copper price fluctuations
.
Operationally, it is recommended that the Shanghai copper 1704 contract be bought at 48,000 yuan / ton and stop loss at 47,400 yuan / ton
.
