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Today's Shanghai copper main contract 1703 continued to rebound, especially in the afternoon rise significantly expanded, but its performance stagnation in Shanghai zinc, intraday operating range of 46270-45350 yuan / ton, the end of the day closed at 46110 yuan / ton, up 0.
83% per day, the current Shanghai copper preliminary breakthrough above the average suppression, rebound resistance focus on 46500 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 130 yuan / ton
.
Externally: Asian London copper oscillation rebound, the rise slightly expanded, of which 3-month London copper rose 1% to 5646 US dollars / ton, initially breaking through the oscillation finishing platform
for more than a week.
In terms of positions, on January 6, the position of London copper was 357,000 lots, an increase of 1,468 lots per day, and the recent increase in positions of London copper showed that the decline in copper prices attracted funds to enter
.
Macro: The dollar index fell under pressure overnight and continued to run weakly around
101.
9 this morning.
In addition, China's PPI rose 5.
5% year-on-year in December, the largest since September 2011, higher than the expected 4.
6%, and last year's PPI fell 1.
4% year-on-year, a decrease of 3.
8% compared with 2015, indicating that the effect of the domestic industrial products de-capacity and de-inventory policy has been shown, and the supply and demand situation has improved
.
In terms of industry, according to SMM survey data, the operating rate of copper smelters in December was 88.
92%, down 0.
36% year-on-year and up 2.
43%
month-on-month.
In terms of market: on January 10, Shanghai electrolytic copper spot reported a discount of 10 yuan / ton - 60 yuan / ton for the monthly contract, and the trading price of flat water copper was 45320-45680 yuan / ton
.
The basis of Shanghai copper every other month remained above 100 yuan, speculators entered the market, continued to absorb good copper, so that good copper and flat water copper opened the price difference, flat water copper still maintained near the flat water level quotation, the market supply slightly reduced, downstream on-demand delivery, the number of goods received, the overall transaction is still dominated by middlemen, waiting for the later entry into the market for stocking
.
The Shanghai copper 1703 contract oscillation closed up to 46110 yuan / ton, initially breaking through the oscillation finishing platform maintained for more than a week, indicating that its willingness to rise has climbed, as London copper inventories continue to decrease and the US dollar index is under pressure, while China's December PPI year-on-year increase further expanded, indicating that domestic inflation expectations climbed
.
It is recommended that the Shanghai copper 1703 contract can be backed by 45,500 yuan / ton above the dip, enter 46,800 yuan, and target 47,000 yuan / ton
.
