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Today's Shanghai copper main contract 1705 gap opened high and high, closing at 48160 yuan / ton, up 1.
03% daily, the daily closing price returned to the level of a week ago, more than 4.
76%
from the low of 45970 yuan / ton in this round of correction.
At present, the main force of Shanghai copper is initially suppressed by the upper moving average, and the technical form has become stronger
.
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 1704 contract and 1705 contract widened to 240 yuan / ton, indicating that the forward contract has a strong
willingness to rebound.
Externally: Asian Lun copper continued to rebound, operating in a range of 5889-5929 US dollars / ton, of which 3-month London copper rose 0.
65% to 5926 US dollars / ton, up 4.
93% from the low of 5652 US dollars / ton, and returned to the level
of March 3 in the year.
In terms of positions, on March 14, the position of London copper was 330,000 lots, a daily decrease of 2,459 lots, and the increase in positions in the past week showed that bulls actively entered
the market on dips.
Macro: The U.
S.
dollar index fell under pressure overnight, down 1.
2% on a daily basis, and rebounded weakly this morning, trading around 100.
6, as the Federal Reserve raised interest rates by 25 basis points as scheduled, and the subsequent statement was dovish, which significantly slowed
market nervousness.
In response to the Fed's interest rate hike, the central bank raised the MLF rate by 10 basis points today, raising market concerns about
the interest rate hike by the People's Bank of China.
In terms of industry, Amman Mining will invest US$9.
2 billion to expand copper mining capacity, and the copper smelter is expected to start construction this year and be completed
by 2021.
In terms of market: on March 16, Shanghai electrolytic copper spot contract reported a discount of 270 yuan / ton - discount of 160 yuan / ton, flat water copper trading price of 47430-47680 yuan / ton, and premium copper trading price of 47480-47750 yuan / ton
.
Shanghai copper continued to rise, after the change of month, the holders maintained a stable level of yesterday's shipments, in the morning there were still some speculators into the market to receive goods, absorb low-priced sources, but in the late end of the second trading session copper fell slightly, inhibiting market trading, now copper discount slightly expanded, the overall market inquiry is most, downstream did not see obvious entry into the market, the transaction first rose and then declined
.
The Shanghai copper 1705 contract closed strongly at 48160 yuan / ton during the day, as the US dollar index fell under pressure as the Fed's interest rate hike boots landed as scheduled
.
At present, copper prices have stabilized again above the moving average, indicating that bulls are dominated
by bulls in the long-short scramble.
In terms of operation, it is recommended that the Shanghai copper 1705 contract can be backed by 47,500 yuan above the dip, and the entry reference is around 48,000 yuan, and the target is 48,600 yuan / ton
.
