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Today's Shanghai copper main contract 1704 oscillation stabilized, closing at 50110 yuan / ton, up 560 points, or 1.
13%, from the settlement price of the previous trading day, holding 265978 lots, increasing daily positions by 20126 lots, with a volume of 347374
.
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 narrowed to 220 yuan / ton, indicating that the willingness of forward contracts to rise weakened
.
External trend: Ashilun copper rushed higher after a slight consolidation, similar to the trend of Shanghai copper
.
Among them, the highest three-month London copper rose to 6174.
95 US dollars / ton, and it is now trading around
6155 US dollars / ton.
In terms of positions, on February 10, the position of London copper was 325,000 lots, an increase of 3,258 lots, and the increase in London copper positions continued to rise, indicating that bulls dominate
.
Macro: U.
S.
stocks closed to record highs for the third consecutive session today on Trump's tax reform promises, but the Asian dollar index fell under pressure and is now trading around
100.
8.
In addition, data from the National Bureau of Statistics showed that the total level of consumer prices (CPI) in the country rose 2.
5% year-on-year in January, higher than the expected 2.
4% and 2.
1%
in the previous month.
The January PPI was 6.
9% y/y versus 6.
5% expected and 5.
5% prior, indicating an increase
in domestic inflation.
In the industry, a spokesman for Freeport McMullen said on Tuesday that production of copper concentrate at its Grasberg project, the world's second-largest copper mine, had been suspended and Grasberg copper exports had been disrupted
.
In terms of market: on February 14, Shanghai electrolytic copper spot traded at a discount of 50 yuan / ton - 80 yuan / ton for the month's contract, the transaction price of flat water copper was 49200 yuan / ton - 49420 yuan / ton, and the transaction price of premium copper was 49250 yuan / ton and 49500 yuan / ton
。 Shanghai copper continued to rise, high volatility, the basis narrowed to 250 yuan / ton - 280 yuan / ton in the next month, flat water copper is still the mainstream supply brand in the market, the 1703 contract discount 330 yuan / ton - discount 280 yuan / ton, good copper discount about 200 yuan / ton, holders still favor good copper, near noon flat water copper and good copper discount more narrowed, speculators bullish into the market to receive, downstream has not seen obvious entry
.
The Chilean copper mine strike entered the fifth day of the day, and the Shanghai copper oscillation rose, standing firm at the 50,000 mark
.
On the technical side, the moving average has become a long arrangement, the position of the main contract of Shanghai copper continues to expand significantly, and the red energy column of MACD indicates that the upward momentum continues to be released
.
Operationally, it is recommended that the Shanghai copper 1704 contract is bullish on the bullish pattern, with a position opening reference of 49,900 yuan / ton, a target of 51,000 yuan / ton, and a stop loss of 49,300 yuan / ton
.
