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Today's Shanghai copper main contract 1701 contract rose strongly, touching the limit board of 48500 yuan / ton, and closed up to 48210 yuan / ton at the end of the day, up 5.
35% per day, and the daily closing price hit a new high
since September 10, 2014.
So far, the main contract of Shanghai copper in November has risen by 25.
5%.
In terms of term structure, the positive price difference between the Shanghai copper 1612 contract and the 1701 contract narrowed to 10 yuan / ton, indicating that the willingness of forward contracts to rise has declined
.
Externally: Asian Lun copper continued to rebound, of which 3-month London copper rose 2.
36% to 5900 US dollars / ton, intraday trading range of 5939-5770 US dollars / ton, close to the recent high of 6025 US dollars / ton
.
In terms of positions, on November 24, the position of London copper was 367,000 lots, a daily decrease of 1,702 lots, and the position of London copper has mainly increased for more than a week, indicating that when the copper price oscillation is sorted, the long-short divergence has increased
.
Macro: The Asian dollar index extended its rally and is now trading around 101.
84 on stronger-than-expected
U.
S.
manufacturing data.
The preliminary U.
S.
durable goods orders rose 4.
8% m/m in October, the highest since October 2015, and the data boosted expectations of a Fed rate hike in December, which is now expected to be 100%.
In terms of industry, China's unwrought copper exports in October were 22,909 tons, an increase of 111.
1% year-on-year, and the export growth rate fell for the third consecutive month, with 75,007 tons exported in July this year being the second highest point in history
.
In terms of market: on November 24, Shanghai electrolytic copper spot traded at a discount of 160-90 yuan / ton for the contract of the month, and the transaction price of flat water copper was 47560-48320 yuan / ton
。 Before the morning market did not soar, a large number of speculators because of the bullish copper price bargain to absorb goods, the transaction was once active, the quotation discount 120-80 yuan / ton, but after the Shanghai copper soared, the market quotation expanded to discount 160 - discount 120 yuan / ton, and then the Shanghai copper opening is the major contracts all up and down, it is difficult for holders to quote, the copper discount fluctuates sharply, and then the limit board opens, the copper discount gradually returns to rationality, reporting a discount of 150 - 100 yuan / ton, the transaction is dominated by middlemen, downstream wait-and-see, waiting for copper prices to stabilize
。
The Shanghai copper 1701 contract rose strongly to 48,210 yuan / ton during the day, effectively maintaining the recent rebound pattern, and the upper rebound resistance focused on 50,000 yuan / ton
.
In terms of capital positions, London copper increased its position, indicating that funds are actively following up, suggesting that the Shanghai copper 1701 contract can be backed above 46500 yuan to bargain long, the entry reference is around 47500 yuan, and the target is 49500 yuan / ton
.
