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Today's Shanghai copper main contract 1704 opened sideways, closing at 48920 yuan / ton, up 500 points, or 1.
03%, from the settlement price of the previous trading day, holding 227126 lots, reducing positions by 3542 hands per day, and trading volume 295714 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 rise has weakened
.
Externally: Ashlun copper fluctuated lower, diverging
from the trend of Shanghai copper.
Among them, the 3-month London copper fell to 6037.
9 US dollars / ton, and is now trading around
6043 US dollars / ton.
In terms of positions, the position of London copper on February 17 was 325,000 lots, a decrease of 1,825 lots, and the sharp rise in the reduction showed that the main force of bulls forced positions, and the short stop loss left the market
.
Macro: Today's Asian dollar index soared higher after volatility, rising as high as 101.
24 and now trading at 101.
14
.
In addition, Germany's PPI annual rate in January rebounded sharply beyond expectations, in line with market expectations, indicating that the expectation of inflation recovery in the euro area continues to strengthen; Eurozone consumer confidence slipped to minus 6.
2 in February from minus 4.
7 at the end of January, less than the expected minus 4.
9 and the first decline
in five straight gains.
On the industry front, a union spokesman said Monday that talks between BHP Billiton initiated by the government and striking workers at its Escondida copper mine in Chile had ended in fruitless and that workers would return to camps with no plans for
further dialogue in the future.
Market: Today's Shanghai electrolytic copper spot contract discount of 300 yuan / ton - discount 110 yuan / ton, flat water copper transaction price 48480 yuan / ton - 48820 yuan / ton, premium copper trading price 48580 yuan / ton 48960 yuan / ton
。 Shanghai copper continued to rebound, market holders have different mentalities, more high active cash, now copper discount all the way expanded, premium copper discount expanded to about 150 yuan / ton, flat water copper expanded to about 300 yuan / ton, wet copper brand near noon discount quotation of more than 400 yuan / ton, market transaction is limited, until the near noon copper high level falls, the transaction slightly improved, speculators to reduce the price to absorb copper, copper price rebound, downstream wait-and-see sentiment increased
.
The main Shanghai copper contract continued yesterday's recovery momentum and continued to rise slightly; Chilean copper mine labor-management negotiations ended in fruitless negotiations, continuing to reach a stalemate, this news may once again urge copper prices; However, the trend of London copper is bearish, and you can pay careful attention to the driving effect
of London copper in the night market.
On the technical side, there is no significant change in the amount of positions, and the recovery of copper for two consecutive days has stood at the 5-day moving average, and there may still be a probability of stepping back in the later stage
.
In terms of operation, it is recommended that the Shanghai copper 1704 contract continue to hold long, enter the long reference 48600 yuan / ton, stop loss reference 48100 yuan / ton
.
