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Today's Shanghai copper main contract 1705 continued to open low and stabilize, closing at 47300 yuan / ton at the end of the day, down 550 points, or 1.
15%, from the settlement price of the previous trading day, with a position of 183312 lots, a daily reduction of 408 lots, and a volume of 196618 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 1704 contract and 1705 contract narrowed to 160 yuan / ton, indicating that the willingness of forward contracts to resist decline has weakened
.
Externally: Asian market London copper fluctuated at a high level, the trend was contrary to Shanghai copper, of which the 3-month London copper rose to 5810.
5 US dollars / ton, and is now trading around
5791 US dollars / ton.
In terms of positions, the position of London copper on March 6 was 329,000 lots, and the position increased by 1,342 lots
.
The rebound of additional positions indicates that the bears are exhausted, and the bulls are showing signs
of recovery.
Macro: Today's Asian dollar index fluctuated in a narrow range, rising as high as 101.
83, now trading at 101.
75, the high bearish to be released
.
In February, the total value of China's imports and exports was 1.
71 trillion yuan, an increase of 21.
9%.
Among them, exports were 826.
32 billion yuan, an increase of 4.
2%; imports were 886.
68 billion yuan, an increase of 44.
7%; The trade deficit was 60.
36 billion yuan, compared with a trade surplus of 180.
5 billion yuan
in the same period last year.
In terms of industry, data released by the General Administration of Customs of China showed that China's imports of unwrought copper and copper products in February were 340,000 tons, down 10.
5% month-on-month and 19% year-on-year; From January to February 2017, a total of 720,000 tons of unwrought copper and copper products were imported, a year-on-year decrease of 16%.
In terms of market: today's Shanghai electrolytic copper spot contract discount of 90 yuan / ton - premium 40 yuan / ton, flat water copper trading price 47240 yuan / ton - 47380 yuan / ton, premium copper trading price 47300 yuan / ton - 47480 yuan / ton
。 Shanghai copper continued to fall, some speculators in the morning market still bought and sold the period, a large number of receipts, premium copper turned into premium quotation, flat water copper discount also narrowed sharply, wet copper favored by the downstream, but after entering the second trading session, Shanghai copper fell slightly, coupled with the narrowing of the basis of the next month, speculators made profits and shipments, the market supply increased, speculators chose the opportunity to enter the market, downstream favored low-end sources, the transaction first rose and then declined
.
The main contract of Shanghai copper 1705 closed down in the fifth trading day during the day, and the continuous pullback has consumed the previous gains back above the 60-day moving average, and the sudden rise in LME copper inventories today has put pressure on copper prices; However, the overall bearish has been released intensively, and the traditional copper demand season is approaching, and the downside is limited
.
Operationally, it is recommended that the Shanghai copper 1705 contract be bought at 47,000 yuan / ton, with a target of 48,000 yuan / ton and a stop loss of 46,500 yuan / ton
.
