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Today's Shanghai copper main contract 1704 fluctuated after the opening, the midday decline amplified, and closed at 47890 yuan / ton at the end, down 260 points, or 0.
54%, from the settlement price of the previous trading day, with a position of 186286 lots, a daily increase of 1352 lots, and a volume of 241164 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 Shanghai copper 1703 contract and 1704 contract narrowed to 210 yuan / ton, indicating that the willingness of forward contracts to resist decline was weakened
.
Externally: Asian London copper fluctuated lower, of which the 3-month London copper fell to 5884.
5 US dollars / ton, and is now trading around
5900 US dollars / ton.
In terms of positions, Luncopper held 328,000 lots on March 2, increasing its position by 1,602 lots
.
The increase in positions indicates that some bears have taken profits and left the market, but they still dominate
.
Macro: Due to the further increase in the probability of the Fed's interest rate hike in March, the Asian dollar index fluctuated higher today, and is now trading at 101.
54, and the pattern is unchanged
.
In addition, Fed Chair Janet Yellen said on Friday that a rate hike in March would be appropriate if the economic data released was in line with expectations; At today's meeting of China's National People's Congress, officials from the National Development and Reform Commission said that there is also a surplus of production capacity in nonferrous metals and building materials
.
Non-ferrous metals, building materials, etc.
should be used to reduce production capacity
through market-oriented and legal means.
On the industry front, long positions in crude oil, copper and cotton futures rose to record highs
in January, according to the US Commodity Futures Trading Commission (CFTC).
This is also the first time in nearly 10 years that multiple raw material futures prices have reached new highs
at the same time.
In terms of market: today's Shanghai electrolytic copper spot contract discount of 180 yuan / ton - discount 60 yuan / ton, flat water copper trading price 47800 yuan / ton - 47920 yuan / ton, premium copper trading price 47840 yuan / ton - 48000 yuan / ton
。 Shanghai copper rebounded slightly, the price difference in the next month is still more than 200 yuan / ton, speculators buy cash selling period, the current copper discount further narrowed, flat water copper first attracted attention, more inquiries, fast transactions, good copper then narrowed simultaneously, the morning discount narrowed more than 20 yuan / ton, the market transaction activity was significantly improved, the willingness to receive goods was strong, the downstream active buying follow-up, the transaction improvement was more obvious
.
Intraday Shanghai copper main contract 1704 late bearish concentrated release of the decline amplified
.
The continued strength of the US dollar index has put more pressure on base metal prices, but today's NPC meeting will be more positive for non-ferrous metals
in the medium and long term for this year's capacity reduction field.
Operationally, it is recommended that the Shanghai copper 1704 contract be bought at 47,500 yuan / ton, with a target of 48,500 yuan / ton and a stop loss of 47,000 yuan / ton
.
