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Today's Shanghai copper main contract 1701 contract continued to rebound, once again jumped high, accelerated in the afternoon, the highest touched the limit board 46830 yuan / ton, the end of the day closed at 46700 yuan / ton, the daily closing price hit a high since October 16, 2014, so far this week Shanghai copper 1701 contract has risen 19.
35%, the largest weekly increase on record
.
In terms of term structure, the Shanghai copper 1612 contract and the 1701 contract showed a negative spread of 20 yuan / ton, indicating that the front-month futures contract also rose strongly
.
Externally: Asian Copper extended its rally, of which 3-month London copper now rose 2.
72% to $5,770 / ton, and the upper rebound resistance focused on $6,000 / ton
.
The level now stands at its highest level since July 2 last year, the 13th day of gains in the past 14 trading days
.
In terms of positions, on November 9, the position of London copper was 363,000 lots, an increase of 11,952 hands per day, which is a seven-day increase, and the increase in copper positions in the past three weeks has risen, indicating that the copper price rise has funds to advance, and the bulls are enthusiastic about
longing.
Macro: The Asian dollar index fell under pressure, now down 0.
22% to around 98.
6, and the number of initial jobless claims in the United States fell to 254,000 after the quarterly adjustment in the week of November 5, lower than the expected 260,000, indicating that the employment situation in the United States continues to improve
.
Markets continue to digest the multiple policy possibilities presented by Trump's victory, such as the expectation that he will increase US infrastructure in the future
.
At present, the market has a strong long atmosphere, and the financial attributes of the copper market dominate
.
In terms of industry, as of November 10, LME copper stocks reported 274,950 tons, a daily decrease of 7,650 tons, a decline of 16 consecutive trading days, short-term copper stocks continued to decline, increasing the chips of long positions
.
Market: On November 11, Shanghai spot 1# electrolytic copper quotation was 45320-45450 yuan / ton, up 300 yuan / ton, discount 50-liter 80 yuan / ton
.
After the high level of the external market, the import loss has eased, the copper rise is under the water adjustment, a small number of middlemen enter the market in the morning market, bargain hunting, downstream inquiry is more and less transaction, the overall transaction is better
than yesterday.
The Shanghai copper 1701 contract rose strongly during the day, closing at 46,700 yuan / ton, close to the price limit board of 46,830 yuan / ton, and the short-term copper market had a strong long atmosphere, and even entered the inertia rise stage
.
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
.
However, copper soared by nearly 20% this cycle, and after the rise too fast and too quickly, the difficulty of high-level operation increased, and it is recommended to wait and see for the time being, and must not risk building a short
.
