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Today's Shanghai copper main contract 1703 oscillation stabilized, maintained the overnight recorded a large gain, the end of the day closed at 47160 yuan / ton, up 2.
28%, the daily closing price hit a new high in a month, the current Shanghai copper effectively stabilized above the moving average group, rebound resistance focus on 48000 yuan / ton
.
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 1702 contract and the 1703 contract widened to 200 yuan / ton, indicating that the forward contract has a strong
willingness to rise.
Externally: Asian London copper oscillation slightly rose, of which 3-month London copper rose slightly by 0.
31% to 5763 US dollars / ton, effectively stabilizing above
the moving average group.
In terms of positions, on January 9, the position of London copper was 355,000 lots, a daily decrease of 1,677 lots, and short-term London copper positions increased and decreased, indicating that long and short trading was repeated
.
Macro: The Asian dollar index is trading around
102.
06 today.
The market is currently focused on the first press conference after the election of US President-elect Trump in the early hours of tomorrow morning, from which the market hopes to seek his future policy direction
.
In addition, the strong rise in ferrous metals this week further improved market sentiment
.
In terms of industry information, the Peruvian government said on Tuesday that Peru's copper production in 2017 is expected to be 2.
6 million to 2.
7 million tons, up from the 2.
2 million tons
estimated in 2016.
In terms of market: on January 11, Shanghai electrolytic copper spot traded at a discount of 10 yuan / ton - 80 yuan / ton for the monthly contract, and the trading price of flat water copper was 46600-46840 yuan / ton
.
Shanghai copper price difference is still maintained at more than 100 yuan / ton, speculators continue to enter the market to receive goods, favor premium copper, premium copper premium is further pushed up, but the space is relatively limited, the quotation premium of more than 80 yuan / ton transaction is more weak, flat water copper favor is low, maintain yesterday's quotation level, some warehouse receipts outflow, downstream demand-based, market transaction shrinkage, fear of heights
.
The Shanghai copper 1703 contract rose strongly to 47160 yuan / ton during the day, effectively breaking through the low oscillation finishing platform built in the past three weeks, indicating that its willingness to rise has climbed, as London copper inventories continue to decrease and the US dollar index is under pressure, while China's December PPI year-on-year increase further expanded, indicating that domestic inflation expectations climbed
.
It is recommended that the Shanghai copper 1703 contract can be backed by 46,500 yuan / ton above the dip, the entry reference is 46800 yuan, and the target is 48,000 yuan / ton
.
