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Today's Shanghai copper main contract 1705 under pressure and heavy decline, the end of the close fell to 47290 yuan / ton, down 1.
44% on the day, sharply cut the rise recorded last week, the current Shanghai copper barely running at M60, that is, 47100 yuan / ton, showing that short-term long and short into a state of glue, the direction of operation is not clear
.
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 1704 contract and the 1705 contract narrowed to 190 yuan / ton, indicating that the willingness of forward contracts to decline increased
.
Externally: Ashi Lun copper fell under pressure, for the second consecutive day of decline, the operating range was 5870-5781 US dollars / ton, of which 3 months London copper fell 0.
75% to 5821 US dollars / ton, at present, London copper has not effectively got rid of the upper moving average suppression, highlighting the caution
of long and short trading.
In terms of positions, on March 17, the position of London copper was 329,000 lots, a slight decrease of 592 lots per day, and the copper price reduced its position upward last week, indicating that the rise in copper prices was mostly driven by short covering
.
Macro: The Asian dollar index extended last week's decline and is now trading around 100.
08, because after the Fed's interest rate hike boots landed, the next interest rate meeting was in May, before the market fell into a vacuum period of Fed interest rate hike speculation, and the dollar index temporarily lacked upward momentum
.
On the industry front, strikes at Peru's largest copper mine, Cerro Verde, ended on Thursday on government orders, but workers said they would strike again on Friday if they failed to reach agreement with their management on their demands
.
The strike has lasted for 11 days
.
Last year, the mine produced 500,000 tons
of copper.
In terms of market: on March 21, Shanghai electrolytic copper spot traded at a discount of 200 yuan / ton - 100 yuan / ton for the current month's contract, the transaction price of flat water copper was 46720 yuan / ton - 47040 yuan / ton, and the transaction price of premium copper was 46760 yuan / ton - 47120 yuan / ton
.
Shanghai copper hedging order profit shipment, speculators are partially trapped, the overall supply has decreased, the current copper discount has narrowed slightly, some middlemen deposit long orders to deliver demand, enter the market to absorb low-priced sources, downstream wait-and-see sentiment increases, few enter the market, most inquirers, the trading atmosphere is more cautious, the transaction is dominated by middlemen
.
The Shanghai copper 1705 contract fell under pressure again during the day on concerns that the Chilean and Peruvian copper strikes were expected to be resolved
.
But at present, copper prices are back in the interweaving of moving averages, and long and short are still in a glue
.
In terms of operation, it is recommended that the Shanghai copper 1705 contract can be backed above 46800 yuan to bargain price, and the entry reference is around 47200 yuan, and the target is 48000 yuan / ton
.
