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On Tuesday (January 24), the main contract of Shanghai copper 1703 oscillated up, closing at 47070 yuan / ton, up 0.
47% per day, the daily closing price is close to the high point since January 16 this year, the current Shanghai copper back above the moving average group, showing rising willingness to climb, the upper rebound resistance focus on 47500 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 slightly to 140 yuan / ton, indicating that the willingness of forward contracts to rebound has risen
.
Externally: Asian Lun copper oscillation rose slightly, of which 3-month London copper rose slightly by 0.
18% to 5820 US dollars / ton, still effectively stabilized above the main moving average group, and the upward pattern remained good
.
In terms of positions, on January 20, the position of London copper was 340,000 lots, a daily decrease of 1,183 lots, and the decline of London copper positions in the past week or so, showing that the enthusiasm of long positions is high
.
Macro: The intraday Asian dollar index extended its overnight decline and is now trading around
100.
08.
After Trump officially took office, he signed a decree announcing his withdrawal from the TPP, or triggering trade frictions
between Japan and the United States.
After that, the United States will seek to establish one-to-one trade deals with countries, and the protectionism of the Trump administration in the United States has raised market concerns
.
In terms of industry, the latest report of the International Copper Research Organization shows that the global refined copper market has a supply shortage of 64,000 tons from January to October 2016, compared with a shortage of 89,000 tons in the same period in 2015, and the shortage has narrowed
.
Meanwhile, global copper concentrate showed an oversupply of 48,000 tonnes in October 2016 and a shortfall of 18,000 tonnes in September, as refined copper production grew faster than demand
.
In terms of market: on January 24, Shanghai electrolytic copper spot traded at a discount of 220 yuan / ton - 120 yuan / ton for the current month's contract, the transaction price of flat water copper was 46600 yuan / ton - 46840 yuan / ton, and the transaction price of premium copper was 46640 yuan / ton and 46900 yuan / ton
.
Shanghai copper flat finishing, the market festive atmosphere is becoming increasingly heavy, some traders sporadical shipments, actively reduce the cash copper discount, in order to seek transactions, most of the enterprises into the holiday state, downstream rarely enter the market, the transaction is light
.
The Shanghai copper 1703 contract oscillated to 47070 yuan / ton during the day, partly boosted by the short-term pressure decline of the US dollar index, and at the same time, due to the short-term rise pattern of copper remains, it is recommended to maintain more ideas
.
Operationally, it is recommended that the Shanghai copper 1703 contract can be backed by 46500 yuan / ton above the dip, the entry reference is 46800 yuan, and the target is 47800 yuan / ton
.
