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Today's Shanghai copper main contract 1703 continued to rebound, maintained the large increase recorded overnight, closed at 47400 yuan / ton, up 0.
89% per day, the daily closing price is close to a new high in a month, the current Shanghai copper effectively stabilized above the moving average group, rebound resistance focus on 48000 yuan / ton
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1702 contract and 1703 contract remained at 160 yuan / ton, indicating that the forward contract has a strong
willingness to rise.
Externally: Asian Lun copper oscillated slightly, of which the 3-month London copper fell slightly by 0.
7% to 5835 US dollars / ton, but still effectively stabilized above the moving average group, and the upward pattern maintained well
.
In terms of positions, on January 11, the position of London copper was 356,000 lots, a daily decrease of 527 lots, and short-term London copper positions increased and decreased, indicating that long and short trading was repeated
.
Macro: Today's Asian dollar index continued to fall under pressure to around 101.
3, so far this week the dollar index has fallen 0.
85%, the third consecutive week
of decline.
In addition, China's imports (in RMB) increased by 0.
6% in 2016, but exports fell by 2%, with a trade surplus of 3.
35 trillion yuan
.
In terms of industry, China's imports of unwrought copper and copper products in December 2016 were 490,000 tons, an increase of 28.
9% month-on-month and a year-on-year decline of 7.
7%, and data show that China's copper import demand climbed at the end of the year
.
In 2016, China's cumulative imports of unwrought copper and copper products reached 4.
95 million tons, a record high
.
In terms of market: on January 13, Shanghai electrolytic copper spot traded at a discount of 100 yuan / ton - flat water - flat water for the current month's contract, the trading price of flat water copper was 47180-47300 yuan / ton, and the trading price of premium copper was 47220-47380 yuan / ton
.
Shanghai copper continued to rise, speculators profits continued to ship, market supply further increased, abundant supply, diversified brands, now copper full line discount shipment, and gradually expanded, in order to seek transactions, downstream on-demand-based, supply oversupply pattern is obvious, lack of transactions, mostly for long order delivery circulation
.
The Shanghai copper 1703 contract oscillated to 47400 yuan / ton during the day, effectively maintaining a bullish pattern, indicating that its willingness to rise has climbed, as London copper inventories continued to decrease and the US dollar index fell
under pressure.
In terms of operation, it is recommended that the Shanghai copper 1703 contract can be backed by 46,800 yuan / ton above the dip, the entry reference is 47,000 yuan, and the target is 48,000 yuan / ton
.
