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On Tuesday, the main contract of Shanghai copper 1701 contract under pressure and heavy decline, volatility further intensified, the end of the day closed down to 43670 yuan / ton, down 4.
06%, close to the intraday limit board 42890 yuan / ton, the current 1701 contract from this round of high of 48040 yuan / ton has accumulated a pullback of 9.
1%, indicating that the upper selling pressure is heavier
.
In terms of term structure, the negative spread between the Shanghai copper 1612 contract and the 1701 contract widened to 80 yuan / ton, indicating that the front-month contract was significantly more resistant to decline
than the far-month contract.
Externally: Asian Lun copper fell for the third consecutive day, of which 3-month London copper now fell 2.
86% to 5405 US dollars / ton, down 4.
74% from the intraday high of 5674 US dollars / ton, and plunged 10.
3%
from this round high of 6025 US dollars / ton.
In terms of positions, on November 11, the position of London copper was 378,000 lots, an increase of 3,077 hands per day, which was a ninth consecutive increase, and the increase in copper positions in the past three weeks showed that the copper price rise has funds to advance, and the bulls are enthusiastic about
longing.
Macro: The Asian dollar index oscillated slightly, but generally maintained the large increase recorded overnight, now trading around 99.
7, as the market expects that Trump's appointment will increase the stimulus to the US economy, thereby enhancing the attractiveness
of the dollar index.
In terms of industry, the vice president of Chile's state-owned copper company (Codelco), the world's largest copper producer, said that the company has revised the copper liter sent to China in 2017 by more than 1/4 to $72/mt, down from $98/mt in 2016 and hit a new low since 2009, which may trigger concerns
that China's copper demand will slow in 2017.
Market: On November 15, Shanghai electrolytic copper spot 1611 contract reported a discount of 60-60 yuan / ton, and the trading price of flat water copper was 45400-46000 yuan / ton
。 On the last trading day of the month, the holders still quoted more than 1612 contracts, and the contracts still showed an inverted basis state, the holders actively adjusted the premium to seek transactions, and the copper premium narrowed all the way, but the noon market closed Shanghai copper next month basis widened again to more than 200 yuan tons, the contract price difference of the month reached 400-600 yuan / ton, speculators can not operate, downstream wait-and-see mostly, oversupply phenomenon is obvious, waiting for the operation after the change of month
.
The Shanghai copper 1701 contract fell under pressure to 43,670 yuan / ton during the day, as copper prices continued to rise and faced technical pullback demand, and its lower support focused on 42,000 yuan / ton
.
Technically, at present, Shanghai copper is still effectively running above the moving average group, the upward trend of copper prices is still good, and London copper increased its position, indicating that funds are actively following
.
It is recommended to intervene again at the time of the correction, and the Shanghai copper 1701 contract can be backed by 42,000 yuan above the dip
.
