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Today's Shanghai copper main contract 1702 contract bottomed out, reducing some of the intraday declines, trading at 47180-46150 yuan / ton, closing down to 46630 yuan / ton, down 0.
91%
on the day.
For this reason, the Shanghai copper 1702 contract rose from the high of 49660 yuan / ton in this round, down 6.
1%.
In terms of term structure, the Shanghai copper 1701 contract and 1702 contract turned to a positive spread of 130 yuan / ton, indicating that the willingness of forward contracts to decline weakened
.
Externally: Asian market London copper fell into a high oscillation for the fourth consecutive day, of which the 3-month London copper fell slightly by 0.
59% to 5761 US dollars / ton, and the intraday trading range was 5794-5721 US dollars / ton, which was more than 4.
6% from the high of 6045 US dollars / ton, and the performance was slightly resistant to the decline of Shanghai copper
.
In terms of positions, on November 30, the position of London copper was 377,000 lots, an increase of 4,570 lots per day, indicating that the decline in copper prices attracted funds to enter, and the short-term long-short divergence increased
.
Macro: The Asian dollar index fell under pressure and is now trading around 100.
86, which has not completely fallen below the oscillating finishing platform
of the past two weeks.
The US ISM manufacturing PMI came in at 53.
2 in November, higher than expected and the previous reading, indicating further expansion of US manufacturing
.
Watch for the US non-farm payrolls data for November tonight, which is expected to increase by about 200,000 people
.
In terms of industry information, it is reported that the Chilean government will inject 975 million US dollars into copper giant Codelco to help the company carry out investment plans
.
Market: On December 2, Shanghai electrolytic copper spot traded at a discount of 70 yuan / ton - 10 yuan / ton for the current month's contract, and the trading price of flat water copper was 46170-46430 yuan / ton
.
Entering the end of December holders' willingness to ship, the current copper discount is basically the same as yesterday, no significant narrowing, after entering the second trading session, the Shanghai copper plate increased the decline, the current copper low-price source decreased, wet copper lack of interest, and flat water copper to open the price difference, intraday speculators began to gradually enter the market to receive goods, downstream bargaining to increase the intensity of receiving goods, the transaction is picking up
day by day.
Intraday Shanghai copper 1702 contract oscillation sorted out to 46630 yuan / ton, due to the tightening of China's housing market regulation and near the end of the year of capital tightness, triggered long profit taking, short-term continue to pay attention to the risk of copper price high pullback, it is recommended that Shanghai copper 1701 contract can be at 45500-47300 yuan / ton, stop loss 800 yuan / ton
each.
