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On Monday, the main contract of Shanghai copper 1805 fell under pressure, the intraday trading range was 52160-51160 yuan / ton, and the end closed at 51420 yuan / ton, down 1.
34% per day, short-term copper prices fell below M200, the risk of decline increased significantly, or will trigger technical selling
.
In terms of term structure, the positive price difference between the Shanghai copper 1804 contract and the 1805 contract narrowed to 230 yuan / ton
.
In the external market, Asian Lun copper continued to fall under pressure, of which the 3-month London copper traded at 6872-6811 US dollars / ton within the day, and is now trading at 6858 US dollars / ton, down 0.
49% per day, but still running below the main moving average group, indicating that the upper selling pressure is heavier
.
In terms of positions, on March 15, the position of London copper was 310,000 lots, a daily decrease of 156 lots, and last week's position was still mainly reduced, indicating that the confidence of bulls to buy long on the dip was insufficient
.
In terms of the market, on March 19, Shanghai electrolytic copper spot traded at a discount of 250 yuan / ton - 200 yuan / ton for the monthly contract, and the trading price of flat water copper was 50760-50880 yuan / ton
.
Spot copper prices fell below 51,000 yuan / ton, spot discounts narrowed slightly, downstream inquiries were active, purchase intentions were obvious, traders led the market and took the lead in trading
.
After the second trading session, the downstream market entry increased, the transaction increased significantly, and the holders quickly narrowed the discount with the support of active buying
.
After 11 o'clock, the price difference narrowed slightly in the next month, the holder then collected the discount, good copper has been raised to the discount of 190 yuan / ton, flat water copper has been reported to the discount of 210 yuan / ton nearby, wet copper is up to 300 yuan / ton, the plate fell by more than 500 yuan / ton, downstream buying is strong, the characteristics of weak and strong are obvious
.
On the macro front, the Asian dollar index rebounded and is now trading around 90.
275 as stronger than expected U.
S
.
industrial output and the University of Michigan consumer confidence index in February reinforced expectations for a Fed rate hike this week.
In addition, sales prices of new homes in 70 large and medium-sized cities in China increased by 5.
2% year-on-year in February, up from 5.
0%
in January.
In terms of stocks, COMEX copper stocks 233675 short tons as of March 16, an increase of 213 tons from March 15; LME copper stocks were 321,450 tonnes, up 2,125 tonnes from March 15; As of March 19, SSE futures inventories were 141883 tons, down 252 tons
from the previous day.
During the day, the Shanghai copper 1805 contract fell under pressure to 51420 yuan / ton, which caused copper prices to fall below the main moving average group, indicating that bears have the upper hand, or will trigger technical selling pressure
on copper prices.
In terms of operation, it is recommended that the Shanghai copper 1805 contract can be backed by 52,000 yuan below the sky, and the entry reference is around 51,600 yuan, and the target is 50,800 yuan / ton
.
