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Today's Shanghai copper main contract 1705 low opened sideways narrow range, the end of the day closed at 47930 yuan / ton, down 430 points, or 0.
89%, from the previous trading day's settlement price, the position was 183720 lots, the daily increase was 6486 lots, and the trading volume was 107360 lots
.
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 remained at 210 yuan / ton, indicating that the forward contract was more willing to resist decline
.
Externally: Asian Copper rushed high and fluctuated, of which the 3-month London copper rose to 5876 US dollars / ton, and is now trading around
5866 US dollars / ton.
In terms of positions, on March 3, Luncopper held 328,000 lots, reducing its position by 132 lots
.
A slight reduction and a sharp drop indicate that the selling pressure on the bears above has increased, and the long stop loss has left the market
.
Macro: Today's Asian dollar index fluctuated in a narrow range, rising as high as 101.
75, now trading at 101.
54, high fear of heights to be released
.
In addition, in the United States: January durable goods orders rose 2% month-on-month, better than expected 1%, compared with 1.
8% in the previous month; Factory orders rose 1.
2% month-on-month in January, better than expected 1% versus 1.
3%
prior.
In terms of industry, foreign news on March 6, representatives of the Cerro Verde Mine Union, one of Peru's largest copper producers, said that workers plan to start a five-day strike from Friday to demand better labor conditions
.
Market: Today's Shanghai electrolytic copper spot contract discount of 140 yuan / ton - discount 20 yuan / ton, flat water copper trading price 47240 yuan / ton - 47380 yuan / ton, premium copper trading price 47300 yuan / ton - 47480 yuan / ton
。 Shanghai copper fell slightly, market speculators continued to enter the market to receive goods, flat water copper was favored to take the lead in narrowing the discount quotation, good copper was helped discount water also narrowed significantly, near noon good copper almost flat water quotation, the market part of the warehouse receipt outflow, demand to maintain a certain degree of activity in the market, downstream on-demand goods mainly, middlemen are the main contributors of today's market trading, speculators are strongly willing to push up water, and it is expected that a premium state
will appear within the week.
The main contract of Shanghai copper stabilized at a low of 1705 during the day
.
The unresolved strike at Chilean copper mines and the planned five-day strike at Peru's largest copper mine, although actual production may not have a material impact on overall supply, and the recent rise in copper inventories is the trigger for speculative capital to return
.
Operationally, it is recommended that the Shanghai copper 1705 contract be bought at 47500 yuan / ton, with a target of 48500 yuan / ton and a stop loss of 47000 yuan / ton
.
