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Today's Shanghai copper main contract 1705 rushed back down, closing up to 47980 yuan / ton, up 0.
05% per day, maintaining the large increase recorded last week
.
At present, Shanghai copper is initially running at the moving average group meeting, indicating that its willingness to rise is strong
.
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 widened to 300 yuan / ton, indicating that the forward contract has a strong
willingness to rebound.
Externally: Asian London copper oscillation slightly declined, the operating range is 5935-5883 US dollars / ton, of which 3 months London copper fell 0.
86% to 5889 US dollars / ton, the current London copper has not effectively got rid of the upper moving average suppression, highlighting the caution
of long and short trading.
In terms of positions, on March 16, the position of London copper was 330,000 lots, a slight decrease of 334 lots per day, and the copper price reduced its position upward last week, indicating that the rise in copper prices was mostly driven by short covering
.
Macro: The Asian dollar index extended last week's decline and is now trading around 100.
19, because after the Fed's interest rate hike boots landed, the next interest rate meeting was in May, before the market fell into a vacuum period of Fed interest rate hike speculation, and the dollar index temporarily lacked upward momentum
.
In terms of industry, it is reported that Chile's Escondida copper miners will slam the operator's new proposal, and the strike has lasted for 39 days
.
In terms of market: on March 20, Shanghai electrolytic copper spot traded at a discount of 230 yuan / ton - 130 yuan / ton for the monthly contract, a flat water copper trading price of 47470-47700 yuan / ton, and a premium copper trading price of 47510-47770 yuan / ton
。 Now copper discount slightly narrowed, morning copper rose slightly, the next month price difference remained at about 250 yuan / ton, a small number of speculators buy cash selling period, absorb low-priced goods, into the second trading session, copper fell back, turned up to fall, market value preservation source outflow, especially flat water copper supply, wet copper source is becoming more and more rare, and flat water copper price difference further narrowed, holders want to narrow spot discount, but the overall actual transaction is relatively limited, so that the current copper discount range narrowed limited, supply and demand slightly deadlocked
.
The Shanghai copper 1705 contract fell back during the day as the market worried that the Chilean copper mine strike was expected to be resolved
.
At present, copper prices are back in the interweaving of moving averages, and long and short are still in a glue
.
In terms of operation, it is recommended that the Shanghai copper 1705 contract can be backed by 47300 yuan above the dip, and the entry reference is around 47700 yuan, and the target is 48300 yuan / ton
.
