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On Tuesday, the main contract of Shanghai copper 1804 oscillated and rebounded, closing at 52140 yuan / ton at the end of the day, trading at 52300-51520 yuan / ton, up 0.
83% per day, and is currently barely running above the 200-day moving average, indicating that the selling pressure above is still heavy, and the short-term downside risk remains
.
In terms of term structure, the positive price difference between the Shanghai copper 1803 contract and the 1804 contract widened to 230 yuan / ton
.
In the external market, Asian Lun copper continued to rebound, of which the 3-month London copper traded at 6947-6843 US dollars / ton, now trading at 6926 US dollars / ton, up 0.
96% per day, but London copper is still running below the main moving average group, indicating that the downside risk remains
.
In terms of positions, on February 9, the position of London copper was 331,000 lots, an increase of 4,917 lots per day, indicating that the decline in copper prices has increased the divergence between long and short
.
In terms of the market, on February 13, Shanghai electrolytic copper spot reported a discount of 350 yuan / ton - 200 yuan / ton for the current month's contract, and the trading price of flat water copper was 51340-51580 yuan / ton
.
The market has basically entered the holiday mode, the quotation is scarce, the quotation is divergent, some good copper quotation discount of about 200 yuan / ton, flat water copper discount 300-280 yuan / ton, the market is already a Spring Festival atmosphere, few people echo the transaction
.
After the second trading session rebounded, some traders underestimated the price to receive the goods, and the transaction was in the range of 250 yuan / ton for good copper discount, 350-300 yuan / ton for flat water copper, and 500 yuan / ton
for wet copper.
The Spring Festival is approaching, logistics has been stopped, and warehousing is also on holiday until tomorrow, so receiving goods is only suitable for the transfer of speculative traders, and it is no longer suitable for outbound shipments
.
Speculators based on the expectation of a narrowing discount and a rebound after the holiday, and the price is reduced, and if there is still a willingness of the buyer with financial strength in the afternoon, the discount may be slightly lowered
.
On the macro front, the Asian dollar index fell under pressure and is now below the 90 mark, trading around
89.
88.
The Shanghai Composite Index rebounded, partly boosting market sentiment
.
The White House on Monday unveiled Trump's outline of an infrastructure plan to Congress, proposing $200 billion in federal funding over the next 10 years to encourage local governments and private institutions to invest in infrastructure projects across the country, generating a total of $1.
5 trillion in new investment
.
During the day, the Shanghai copper 1804 contract rebounded to 52140 yuan / ton, but still ran below the main moving average group, indicating that short-term bears have the advantage
.
It is recommended that the Shanghai copper 1804 contract can sell high and low in the range of 51800-52500 yuan / ton, and the stop loss is 500 yuan / ton
each.
