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On Monday, the main contract of Shanghai copper 1710 bottomed out, showing that the willingness to fall was significantly weakened, intraday trading at 52030-52970 yuan / ton, up 0.
28% per day, and closing at 52920 yuan / ton at the end of the day, its daily closing price hit a high since August 26, 2013, meaning that the recent platform breakthrough is still valid
.
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 1709 contract and 1710 contract widened slightly to 140 yuan / ton
.
Externally, the LME market was closed for one day
.
Last Friday's night market London copper around 6700 US dollars / ton narrow range, of which 3 months London copper traded at 6662-6747 US dollars / ton, up slightly 0.
12% to 6704 US dollars / ton, the daily closing price hit a high since November 14
, 2014.
In terms of positions, on August 24, the position of London copper was 335,000 lots, a daily decrease of 749 lots, and the position of London copper increased and decreased from time to time in the past week, showing that long and short trading is cautious, and the high level still needs to pay attention to the risk
of pullback.
On the macro front, the Asian dollar index fluctuated in a narrow range around 92.
5, with the preliminary US durable goods orders in July falling 6.
8% m/m versus 6% expected and 6.
4%
in the previous month.
In addition, the People's Bank of China withdrew 100 billion yuan in the open market during the day, and short-term funds remained tight
.
On the industry front, a spokesman for Zambian President Edgar Lungu said it had asked Glencore's Mpan Copper Mining Company (MCM) to accept new electricity tariffs as the government removed subsidies
to state-owned energy companies.
In terms of the market, on August 28, Shanghai electrolytic copper spot traded a discount of 120 yuan / ton - 70 yuan / ton for the monthly contract, and the transaction price of flat water copper was 52250-52320 yuan / ton
.
The quotation of the holder is stable and firm, and the morning wet copper quotation discount is about 150 yuan / ton, and the good copper discount is 90 yuan / ton -80 yuan / ton, and the transaction is
acceptable.
Since the second trading session, good copper quotations have remained at a discount of 80 yuan / ton -70 yuan / ton, flat water copper discount of about 110 yuan / ton, few downstream reactions, traders are entangled, it is difficult to find a low discount source, insufficient arbitrage space, not strong willingness to buy, the transaction is still deadlocked, and the characteristics of Monday are obvious
.
The Shanghai copper 1710 contract oscillated and rebounded to 52920 yuan / ton during the day, accompanied by the operation of reducing positions and shrinking, indicating that the willingness of funds to hold positions declined, and long and short positions were reduced and left the market on the sidelines
.
And in view of the recent trend of industrial products is relatively volatile, there has been no decent decline after continuing to rise, and the market investment sentiment is cautious
.
In operation, it is recommended that the Shanghai copper 1710 contract maintain the oscillation idea, which can be sold high and low in the range of 51500-53000 yuan, and the stop loss is 500 yuan / ton
each.
