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On Thursday, the main contract of Shanghai copper 1803 basically maintained overnight gains, closing at 53840 yuan / ton, up 2.
11% per day, and the daily closing price hit a high since January 16 this year, but it is difficult to say that copper prices have reversed their recent weakness, and the operation needs to be cautious
.
In terms of term structure, the positive price difference between the Shanghai copper 1803 contract and the 1804 contract widened to 160 yuan / ton
.
In terms of external trading, Asian London copper around 7160 US dollars / ton around a narrow range, but effectively maintained the overnight rise of up to 3.
53%, the performance is stronger than Shanghai copper, of which 3 months London copper intraday trading at 7208-7129 US dollars / ton, now trading at 7160 US dollars / ton, up 0.
22% per day, the current London copper initially returned to the moving average group, the technical pattern improved
.
In terms of positions, on January 23, the position of London copper was 325,000 lots, a daily decrease of 3,697 lots, and funds have recently fled the copper market
.
On the macro front, the Asian dollar index extended its decline and is now trading around 89.
1, trading below the 90 mark for the second day in a row, as other competing currencies performed strongly, especially the pound sterling
.
The market focuses on Germany's IFO business climate index for January; Eurozone ECB decision statement; ECB President Mario Draghi's press conference, and U.
S.
new home sales
in December.
Industry information, data from the General Administration of Customs showed that China's refined copper imports in December were 328338 tons, down 8.
75% year-on-year, and the cumulative imports from January to December were 3.
243 million tons, down 10.
62%
year-on-year.
In terms of the market, on January 25, Shanghai electrolytic copper spot traded at a discount of 80-20 yuan / ton for the monthly contract, and the trading price of flat water copper was 53450-53550 yuan / ton
。 Shanghai copper Shanghai ratio continued to decline to 7.
53 a line, imported copper losses intensified, value preservation tray was trapped, holders helpless top discount, morning market quotation discount 50-20 yuan / ton, because of the light transaction, some traders began to loosen the quotation at the discount of 70-40 yuan / ton, the second trading session, and then down to the discount of 80-50 yuan / ton, after 11 o'clock, has heard the quotation discount of 90-60 yuan / ton, good copper and flat water copper price difference to maintain a stable 20-30 yuan / ton, wet copper has been discounted more than 100 yuan / ton
。 Following the concentrated buying on the previous day, the downstream is silent, waiting for changes, traders in the face of fierce volatility copper futures are also cautious wait-and-see, waiting for the trend to become clear, the market trading is weak and quiet
.
During the day, the Shanghai copper 1803 contract reversed overnight, closing up to 53840 yuan / ton, rebounding
strongly from the year's low.
Operationally, after the bottom of Shanghai copper bottomed out, it returned to the interweaving of moving averages, and paid short-term attention to the interaction between the weakening of the US dollar and the climbing of London copper inventories, and suggested that the Shanghai copper 1803 contract can be sold high and low in the range of 53200-54500 yuan, with a stop loss of 500 yuan / ton
each.
