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Today's Shanghai copper main contract 1701 contract oscillated and stabilized, closing up to 45760 yuan / ton, down 0.
97% on the day, but Shanghai copper still effectively stabilized above
the moving average group.
In terms of term structure, the positive price difference between the Shanghai copper 1612 contract and the 1701 contract narrowed to 10 yuan / ton, indicating that the willingness of forward contracts to rise has declined
.
Externally: Asian Copper continued to rebound, but the rise slowed down, of which 3-month London copper edged up 0.
36% to 5631 US dollars / ton, intraday trading range of 5649-5581 US dollars / ton, while up 4.
98%
from the low of 5360 US dollars / ton of this round of correction.
In terms of positions, on November 18, the position of London copper was 369,000 lots, an increase of 717 lots per day, and in the past week, the position of London copper has increased and decreased, indicating that long and short trading is more repeated
.
Macro: The Asian dollar index stabilized and is now trading around
101.
The US seasonally adjusted annualized rate of existing home sales rose 2% to 5.
6 million units in October, the highest since 2007, and the data further boosted expectations of a Fed rate hike in December, which is now expected to be 100%.
In terms of industry, from January to October, the national power grid project completed investment of 410 billion yuan, a year-on-year increase of 28.
5%.
The investment in power supply projects of major power generation enterprises in the country was 238.
8 billion yuan, down 8.
1%
year-on-year.
In terms of market: on November 23, Shanghai electrolytic copper spot traded at a discount of 100 yuan / ton - 60 yuan / ton for the contract of the month, and the trading price of flat water copper was 45500-45730 yuan / ton
.
The mentality of the Shanghai copper market has changed, the willingness of holders to raise prices has increased, coupled with speculators and downstream market operations, the copper discount has narrowed, the low-end supply has decreased, mainly domestic brands, wet brand intraday supply is limited, downstream in the copper price stabilized when the volume of goods increased, the transaction has improved compared with yesterday, although the copper market has a slight adjustment, but the market is mostly more views
on the trend of copper prices.
The intraday Shanghai copper 1701 contract oscillated to stabilize to 45,760 yuan / ton, effectively maintaining the recent rebound pattern, and its upper rebound resistance focused on 47,000 yuan / ton
.
In terms of capital positions, Lun Copper increased its position and rose, indicating that funds are actively following up, suggesting that the Shanghai copper 1701 contract can be backed by 45,000 yuan above the dip, the entry reference is around 45,500 yuan, and the target is 47,000 yuan / ton
.
