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On Friday, the main contract of Shanghai copper 1803 rebounded strongly, closing at 53670 yuan / ton at the end of the day, close to the intraday high of 53830 yuan / ton, up 1% per day, the increase hit a new high in a week, indicating that the risk of decline has been reduced, and the willingness to rise has risen
.
In terms of term structure, the positive price difference between Shanghai copper 1803 contract and 1804 contract remained at 150 yuan/ton
.
In terms of external trading, Asian market London copper is strong higher, of which 3 months London copper intraday trading at 7188-7112 US dollars / ton, now trading at 7180 US dollars / ton, up 0.
89% per day, the current London copper preliminary operation above the moving average group, breaking through the oscillation finishing platform for more than a week, showing the temporary advantage of bulls, its technical form is stronger than Lun copper
.
In terms of positions, on January 31, the position of London copper was 321,000 lots, a daily decrease of 3,885 lots, and the recent copper price reduction was the main one, indicating that funds continue to flee the copper market
.
In terms of the market, on February 2, Shanghai electrolytic copper spot on the current month contract reported a discount of 70 yuan / ton - discount of 30 yuan / ton, flat water copper transaction price of 52770 yuan / ton - 52870 yuan / ton, holders for downstream replenishment to seize the weekend to ship at a price, the next month price difference is still firm at 200-220 yuan / ton, the market quotation discount 70-30 yuan / ton
。 Good copper morning market quotation discount 50 yuan / ton, the receipt of positive, when the quotation is raised to 30 yuan / ton, the transaction is delayed, but good copper still leads the market quotation up, downstream receiving is still concentrated in wet copper, so the intraday wet copper holder quotation quickly narrowed to the discount of 170-150 yuan / ton, downstream buying active, the transaction is acceptable
.
Next week, facing the February delivery before the Spring Festival, the price spread of the next month shows no signs of narrowing, and the copper price discount may continue to narrow and rise under the leadership of holders
.
On the macro front, the Asian dollar index oscillated slightly, but the rebound was limited, and it is now trading around 88.
7, but closed below
the 90 mark for eight consecutive days.
Meanwhile, the Eurozone Markit manufacturing PMI final value in January was 59.
6, unchanged from the preliminary value but slightly below the record high of 60.
6 set in December, indicating that the Eurozone manufacturing boom continued into 2018
.
According to industry information, Goldman Sachs raised its 12-month target price of copper by $950/ton to $8,000/ton
.
During the day, the Shanghai copper 1803 contract oscillated and rebounded to 53520 yuan / ton, showing signs of an upward breakthrough, as London copper inventories recently turned lower and the US dollar index continued to come under pressure
.
It is recommended that the Shanghai copper 1803 contract can be backed above 53,000 yuan to bargain hunt, and the target is 54,500 yuan / ton
.
