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Internal trend: Shanghai copper main contract 1705 oscillated around 47450 yuan / ton, the operating range was 47810-47200 yuan / ton, and closed at 47460 yuan / ton, down 0.
15%
on a daily basis.
At present, Shanghai copper has initially recovered M60, indicating that after the short-term downside risk is released, the willingness of copper prices to rebound has risen
.
In terms of term structure, the copper market maintained a positive arrangement of near-low, far-high, and the positive price difference between the Shanghai copper 1704 contract and the 1705 contract widened to 240 yuan / ton, indicating that the willingness of forward contracts to rise has risen
.
External trend: Asian market London copper fell slightly under pressure, of which 3-month London copper fell 0.
45% to 5878 US dollars / ton, short-term London copper recovered a number of moving averages, back to the level of March 17 this year, but has not effectively broken through the recent oscillation finishing platform
.
In terms of positions, on March 28, the position of London copper was 330,000 lots, an increase of 733 lots per day, and copper prices have increased and decreased in the past week, and long and short trading is cautious
.
Spot: According to reports, on March 31, Shanghai electrolytic copper spot reported a discount of 180 yuan / ton - 120 yuan / ton for the contract of the month, and the transaction price of flat water copper was 47000-47120 yuan / ton
.
Copper is strong yesterday's quotation level, wet copper sources and some warehouse receipt sources are outflow, supply brands are mostly imported copper brands, speculators with financial strength enter the market to absorb low-priced sources, but good copper due to strong quotations led to its favor decline, flat water copper and good copper price difference narrowed, downstream months are still subject to capital factors, no obvious entry into the market, the transaction is dominated
by middlemen.
Analysis of market factors: The dollar index rebounded strongly overnight, mainly boosted by hawkish comments from Fed officials, while the Asian market continued to trade around 100.
06, and the market is currently focused on the progress of the US president's tax reform policy, which is expected to meet today for discussion
.
In terms of industry information, it is reported that the Indonesian government has agreed to allow the Indonesian branch of Freeport McLen Copper and Gold Company to restart copper concentrate exports for six months
.
Market research and judgment: On March 30, the Shanghai copper 1705 contract oscillated and sorted, because after the strong rise in the previous two days, there was a lack of effective upward momentum
.
However, at present, Shanghai copper has returned to the moving average group, and the technical pattern has become stronger, or attract funds to enter
.
In terms of operation, it is recommended that the Shanghai copper 1705 contract change its operation ideas, which can be backed by 46,800 yuan above the dip, and the entry reference is around 47,300 yuan, and the target is around
48,000 yuan.
