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Today's Shanghai copper main contract 1704 contract soared strongly, closing up to 47810 yuan / ton, up 860 points, or 1.
83%,
from the settlement price of the previous trading day.
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 1703 contract and the 1704 contract widened to 150 yuan / ton, indicating that the forward contract has increased
its willingness to rise.
Externally: Asian copper rose strongly and the increase expanded, of which the three-month London copper rose as high as 5892 US dollars / ton, up more than 1.
5% to 5890 US dollars / ton
.
In terms of positions, on February 6, the position of London copper was 333,000 lots, an increase of 12 lots per day, and Lun copper slightly increased its position and recovered, indicating that bulls are still the main tone
of the market.
Macro: The Asian dollar index rebounded, stabilizing above 100 and now trading around
100.
56.
The dollar's strength was partly boosted by a further decline in China's foreign exchange reserves in January
.
China's foreign exchange reserves in January were $2.
998 trillion, falling for the seventh consecutive year and hitting a new low since February 2011, with the renminbi up 245 basis points against the dollar today, and the People's Bank of China (PBOC) today continued to suspend open market reverse repo operations for the fourth consecutive day
.
In the industry, copper prices
rose sharply after government-mediated contract negotiations failed to reach an agreement, and the Escondida copper miners in Chile, the world's largest copper mine, said workers would start a strike on Thursday.
In terms of market: on February 8, Shanghai electrolytic copper spot contract reported a discount of 200 yuan / ton - 60 yuan / ton, flat water copper trading price of 46770-47130 yuan / ton, and premium copper trading price of 46850-47230 yuan / ton
.
The current copper market transaction is still weak, the import of flat water copper further impact the market, the current copper discount further expanded, especially after entering the second trading period, Shanghai copper pulled up nearly 500 yuan / ton, now copper discount expansion even more, good copper quotation close to discount 100 yuan / ton, the market on the copper price above 47,000 yuan rebound sustainability doubts
.
Intraday copper rose strongly, effectively breaking upward, and the upward trend was obvious, mainly boosted by the Chilean copper mine strike and the continuous reduction of London copper stocks
.
Whether the short-term rally can be sustained will also depend on Chilean copper mines going on strike on
Thursday.
Operationally, it is recommended that the Shanghai copper 1704 contract be long around 47500 yuan / ton, and the stop loss reference is 46800 yuan / ton
.
