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Trade Service
On Wednesday, the main contract of Shanghai copper 1806 fell under pressure, the rebound momentum weakened, intraday trading at 51550-50900 yuan / ton, the end of the close fell to 51100 yuan / ton, down 0.
14% per day, the current copper price is still running at the intersection of the main moving average, the rebound height needs to be treated
with caution.
In terms of term structure, the positive price difference between the Shanghai copper 1805 contract and the 1806 contract narrowed to 140 yuan / ton
.
In the external market, Asian Chenglun copper fell under pressure, but recovered slightly from the low point during the day, partially reducing the intraday decline, of which the 3-month LME copper was reported at 6941 US dollars / ton, down 0.
38% on the day, and now rebounded to around M60, and the trend has oscillated
.
In terms of positions, on April 9, the position of London copper was 308,000, an increase of 1,587 lots per day, and the increase in London copper positions rose in the past two days, indicating that the divergence between long and short after the decline in copper prices increased
.
In terms of the market, on April 11, Shanghai electrolytic copper spot traded at a discount of 30-40 yuan / ton for the contract of the month, and the transaction price of flat water copper was 51170-51300 yuan / ton
.
Holders are still based on cash exchange, spot quotations and the plate show a synchronous rapid decline trend, downstream to maintain rigid demand, premium trading has shown difficulties and hindrance, the market is still standing, holders are eager to exchange cash, with the continuous decline of the afternoon market, the market has reported a discount of 30-flat water, wet copper supply is in short supply, has been almost no price difference
with low-end flat water copper.
Copper prices have not yet stabilized, and the market is still cautious
.
As delivery approaches, the current month's contract is still on the strong side, and spot quotes may gradually tend to delivery characteristics
.
On the macro front, China's CPI in March increased by 2.
1% year-on-year, down significantly from 2.
9% in the previous month, mainly affected by the fading of "holiday factors"
.
China's PPI rose 3.
1% year-on-year in March, weaker than expected, dragged
down by industries such as black, oil and gas extraction and processing, and nonferrous metals.
In terms of industry, it is reported that Japan's largest copper smelter, Japan's Pan Pacific Copper, said that the company plans to produce 300,000 tons of refined copper between April and September, an increase of 15%
over the same period last year.
During the day, the Shanghai copper 1806 contract oscillation fell to 51,100 yuan / ton, and the short-term rebound momentum weakened, as China's PPI growth rate fell year-on-year in March, and the United States will launch an attack on Syria to partially suppress market investment sentiment
.
At present, copper prices are trading at the intersection of moving averages, and the trend is still repeated
.
In operation, it is recommended that the Shanghai copper 1806 contract can be sold high and low between 50700-51600 yuan / ton, and the stop loss is 350 yuan / ton
each.
