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Today's Shanghai copper main contract 1701 contract oscillated higher, closing up to 45120 yuan / ton, up 2.
06% per day, the current 1701 contract has risen 3.
32% from the low of this round of correction of 43670 yuan / ton, so that Shanghai copper is still effectively stable above
the moving average group.
In terms of term structure, the negative spread between the Shanghai copper 1612 contract and the 1701 contract was 10 yuan/ton, indicating that the performance of the forward contract was slightly sluggish
.
Externally: Asian market London copper changed last week's weak oscillation trend, strong rise, of which 3-month London copper rose 2.
18% to 5553 US dollars / ton, intraday trading range of 5585-5438 US dollars / ton, while from this round of pullback low of 5360 US dollars / ton up 3.
59%.
In terms of positions, on November 17, the position of London copper was 368,000 lots, an increase of 2,791 lots per day, and last week, the position of London copper increased and decreased, indicating that long and short trading was more repeated
.
On the macro front: The Asian dollar index remained elevated and is now trading around 101.
15, near a recent high of 101.
48 set overnight, as expectations of a Fed rate hike in December rose
.
In addition, President Xi Jinping's keynote speech at the Asia-Pacific Economic Cooperation (APEC) in Peru last weekend emphasized an open economy and a new ambition to expand Belt and Road cooperation, which rekindled expectations of increased commodity demand
.
In terms of industries, as of the week ended November 15, the US copper CFTC speculative fund reduced its long positions by 469, short orders decreased by 5828, and the net position of speculation was 44995 lots, and the net long position hit a new high
since October 2003.
Market: On November 21, Shanghai electrolytic copper spot reported a discount of 140-90 yuan / ton, and the transaction price of flat water copper was 44150-44670 yuan / ton
.
The holder maintained stable shipments, opened a good copper discount of 100-90 yuan / ton, the transaction was relatively good, and the speculation was active
.
Then, as the plate rose by nearly 500 yuan, the quotation of good copper expanded the discount of 120 - discount 100 yuan / ton, but because the import of copper hit the market, especially the low-end flat water copper supply is sufficient, the variety is diverse, making the market digestion difficult, spot report discount 140 - discount 130 yuan / ton
.
Intraday transactions are still dominated by traders, and some holders have begun to issue monthly tickets
.
The Shanghai copper 1701 contract rebounded strongly to 45,120 yuan / ton during the day, or it means that the short-term copper price technical correction has come to an end, and it is expected to resume its rally, and its upper rebound resistance focuses on 47,000 yuan / ton
.
Technically, at present, Shanghai copper is still effectively running above the moving average group, the upward trend is still good, London copper increased positions rising, showing that funds actively followed, it is recommended that the Shanghai copper 1701 contract can be backed above 44,000 yuan to bargain long, the entry reference around 44800 yuan, the target focus on 46500 yuan / ton
.
