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On Wednesday, the main contract of Shanghai copper 1705 continued yesterday's rally, rebounded strongly, and closed at 47530 yuan / ton, up 1.
69% per day, and the daily closing price hit a high since March 20 this year, and the current Shanghai copper initially recovered M60, showing that after the short-term downside risk was released, the willingness of copper prices to rebound climbed
.
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 1704 contract and the 1705 contract slightly widened to 170 yuan / ton, indicating that the willingness of forward contracts to rise has risen
.
Asian London copper fluctuated higher, of which the 3-month London copper rose 0.
48% to 5918 US dollars / ton, for two consecutive days, short-term London copper recovered a number of moving averages, returning to the level
of March 17 in the year.
In terms of positions, on March 27, the position of London copper was 330,000 lots, an increase of 246 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, Shanghai electrolytic copper spot on Wednesday reported a discount of 180 yuan / ton - 130 yuan / ton for the current month contract, and the trading price of flat water copper was 46940 yuan / ton - 47080 yuan / ton
.
Shanghai copper value preservation disk is trapped, the holder is firm yesterday's level of shipments, speculators enter the market in small quantities, low-price sources are reduced, especially wet copper is difficult to find sources, capital factors still dominate the market transaction market conditions and atmosphere, the market waits for the change of months before doing operations
.
Analysis of market factors: The dollar index rebounded strongly overnight, continuing to trade around 99.
7 this morning, as Trump scrapped Obama's clean electricity plan, lifted coal mining and carbon emission bans, and will continue to find an alternative to Obamacare next month, slowing market concerns, while the United Kingdom launched the Brexit process, causing the pound to slide against the dollar
。 In terms of industry information, according to Chilean copper agency Cochilco, global copper demand will increase by 2%-3% this year, affected by the reduction in supply from the two major mines of Escondida and Grasberg, and the global copper supply is short of 200,000-250,000 tons
.
Market research: The Shanghai copper 1705 contract rose strongly on March 29 as market uncertainty about Trump's policies weakened
.
At present, Shanghai copper has returned to the moving average group, and the technical pattern has become stronger, or attracting 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 the dip above 46,800 yuan, and the entry reference is around 47,300 yuan, and the target is around
48,000 yuan.
