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Today's Shanghai copper main contract 1702 contract fell under pressure, basically maintained the large decline recorded overnight, closing at 44890 yuan / ton, down 1.
62% per day, has effectively fallen below the high oscillation finishing platform in the past two weeks, indicating that the upper selling pressure is heavier
.
In terms of term structure, the positive price difference between the Shanghai copper 1701 contract and the 1702 contract was flat to 110 yuan / ton
.
Externally: Asia Lun copper rebounded weakly, around 5500 US dollars / ton around the weak finishing, of which 3 months Lun copper slightly fell 0.
23% to 5492 US dollars / ton, fell back to the level of a month ago, the first time fell below the high oscillation finishing platform lower edge, short-term decline risk increased
.
In terms of positions, on December 16, the position of London copper was 383,000 lots, a daily decrease of 1,636 lots, a decrease of three consecutive days, and last week, the position of London copper increased and decreased, showing that long and short trading was repeated
.
On the macro front: the Asian dollar index oscillated higher to 103.
3, and the preliminary Markit services PMI in the United States came in at 53.
4 in December, down from 54.
6 in November, but still above
the 50-boom-dry dividing line.
In addition, the year is approaching, domestic liquidity is tightening, market panic is rising, and commodity markets are under pressure to decline
.
In terms of industry, Japan's November copper cable shipments increased by 1.
9% year-on-year to 62,300 tons
.
Market: On December 20, Shanghai electrolytic copper spot reported a discount of 280 yuan / ton - 150 yuan / ton for the contract of the month, and the trading price of flat water copper was 44550-44670 yuan / ton
.
At the end of the year, holders were strongly willing to exchange cash and return funds, but speculative orders were also scarce due to closure
.
There are sporadic buying intentions downstream, but they are subject to the continuous decline of the market and turn to wait and see
.
In summary, there are far more bidders than inquirers, and there are even fewer receivers, so that today's copper discount has expanded again, and it is expected that the light market at the end of the year will continue
.
The Shanghai copper 1702 contract continued to fall to 44890 yuan / ton under pressure during the day, highlighting the increased risk of its high pullback, as London copper inventories have risen sharply in the past week, while the US dollar index maintained a high level, increasing the resistance
to copper prices.
It is recommended that the Shanghai copper 1702 contract can be backed by 45,800 yuan below the sky, the entry reference is around 45,000 yuan, and the target is 44,000 yuan
.
