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Today's Shanghai copper main contract 1706 around 46,000 yuan / ton fluctuated in a narrow range, the fluctuation range has expanded from the previous four days, intraday trading at 45570-46360 yuan / ton, the end of the day closed at 46030 yuan / ton, up 0.
26%
per day.
Short-term copper prices have continued to oscillate at low levels for nearly a week, indicating that copper prices have declined in their willingness to fall
.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1705 contract and the 1706 contract remained at 50 yuan / ton
.
External trend: Today's London copper oscillation rebound, of which 3-month London copper slightly rose 0.
57% to 5687 US dollars / ton, but London copper is still running below the main moving average group, short-term decline risk remains
.
In terms of positions, on April 21, the position of London copper was 332,000 lots, a daily decrease of 3,891 lots, for four consecutive days, a cumulative decrease of nearly 14,000 lots, during which copper prices oscillated slightly, indicating that bears actively took profits on dips
.
Macro: The Asian dollar index retreated higher, indicating that the rally was blocked, and is now trading around 99, now hitting a new low
since November 11, 2016.
It is reported that US President Trump is willing to delay the construction of the border wall until September in the fall to reduce the probability
of a government shutdown this week.
In addition, this week the White House will unveil the specific principles of the US tax reform, and the details of the plan will not be revealed until June
.
In terms of industry information, China's refined copper imports in March were 292367 tons, down 36.
17% year-on-year, and the cumulative imports from January to March were 804463 tons, down 27.
56%
year-on-year.
Spot: On April 25, Shanghai electrolytic copper spot reported a discount of 30 yuan / ton - 40 yuan / ton for the contract of the month, and the transaction price of flat water copper was 45,700 yuan / ton - 46,180 yuan / ton
。 In the morning, Shanghai copper in the narrow range below 45700 yuan / ton, now copper quotation is still in the premium 10 yuan / ton - premium 50 yuan / ton, nearly ten o'clock after the plate quickly pulled up 200 yuan / ton, Shanghai copper premium followed the fall, the proportion of imported copper supply in the day increased significantly, the supply pressure was more obvious, nearly 200 yuan / ton rose in the afternoon session, flat water copper appeared discount quotation, speculators bought cash abandoned, the operation is more cautious, downstream demand-based, holders take the initiative to reduce prices, the market reproduces the pattern of oversupply, Spot premium reserves room for downward adjustment
.
The Shanghai copper 1706 contract oscillated to 46030 yuan / ton during the day, partly boosted by the pressure on the US dollar index, but its upward momentum is still weak, the rebound height is limited, and the operation still needs to be cautious
.
In terms of operation, it is recommended that the Shanghai copper 1706 contract hold a biased oscillation idea, which can be sold high and low in the range of 45800-47000 yuan, and the stop loss is 400 yuan / ton
each.
