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Today's Shanghai copper main contract 1704 bottomed out, closing at 47820 yuan / ton, up 140 points, or 0.
29%, from the settlement price of the previous trading day, with a position of 177982 lots, a daily increase of 18694 lots, and a volume of 213852
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between the Shanghai copper 1703 contract and the 1704 contract widened to 210 yuan / ton, indicating that the willingness of forward contracts to rise has increased
.
Externally: Ashlun copper soared due to the Chilean copper mine strike
.
Among them, the highest three-month copper rose to 5895.
95 US dollars / ton.
In terms of positions, the latest announcement of London copper positions on February 8 was 32.
3 lots, a daily decrease of 8167 lots, and London copper reduced positions and fell, indicating that some bulls took profits and left the market, and bears dominated
.
Macro: Stimulated by the news that Trump is expected to announce a tax plan in the next two or three weeks, the Asian dollar index fluctuated upward, rising as high as 100.
75 and now trading around
100.
66.
In addition, as of last week, initial jobless claims in the United States fell by 12,000 to 234,000 month-on-month, the second lowest in eight years during the economic recovery and only 1,000 more than the lowest since 1973 set in early November
.
In terms of industries, customs data showed that China's imports of unwrought copper and copper products fell 22.
4% from the previous month to 380,000 tons; The strike at Chile's BHP Billiton's Escondida copper mine has officially begun, and workers are stockpiling supplies and supplies to prepare for a long strike
.
Market: On February 10, Shanghai electrolytic copper spot traded at a discount of 70 yuan / ton - flat water for the current month's contract, the trading price of flat water copper was 46770-46900 yuan / ton, and the trading price of premium copper was 46800-46950 yuan / ton
.
Shanghai copper next month basis further expanded to more than 250 yuan / ton, speculators continue to buy cash selling period operation, downstream demand, the overall transaction is dominated by middlemen, the difference between brands is large, next week into the delivery week of the month, good copper or is expected to appear premium quotation
.
Shanghai copper bottomed out and rebounded during the day, especially in
the afternoon.
Today, Chilean copper mines officially began to strike, there is a long-term continuation of the trend, copper prices short-term maintain a pattern of more
.
On the technical side, positions are significantly larger than yesterday, but the MACD indicator is flattening sideways in an unclear direction, indicating that Shanghai copper may be brewing upward momentum
.
Operationally, it is recommended that the Shanghai copper 1704 contract be long at 47600 yuan / ton, and the stop loss reference is 47200 yuan / ton
.
