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On Tuesday, the main 1705 contract of Shanghai copper opened at 47900 yuan / ton, the central bank net withdrawal of 10 billion yuan within the day, overnight shibor interest rate rose, the capital showed a tightening momentum, copper prices first rushed to 47990 yuan / ton later, under the pressure of the integer mark, bulls outflowed, copper prices fell, low to 47740 yuan / ton, with the pullback of the dollar, copper prices were supported at the 40-day moving average, long positions increased copper prices back to 47850 yuan / ton around narrow range shock, The upward volatility was about 100 yuan, closing at 47930 yuan / ton at Doji, down 430 yuan / ton
.
Intraday Shanghai copper around the daily moving average narrow oscillation, 40-day moving average supported, from the disk point of view, KDJ dead cross open, given that London copper has retraced to near the 60-day moving average, it is expected that Shanghai copper will continue to fall, testing the 60-day moving average
.
In terms of the external market, London copper opened at 5855.
5 US dollars / ton, the Asian session bulls quickly increased their positions, driving the copper price to rise slightly to 5876 US dollars / ton, after a false shot turned and fled, copper prices instantly fell back to around 5850 US dollars / ton, with the correction of the US dollar, copper prices rose back to the daily average of 5866 US dollars / ton repeated consolidation tests, into the European session, LME inventory continued to increase by 26725 tons, the proportion of written warehouse receipts fell back to 41.
19%, copper prices plunged, as of 17 :20, London copper reported $5829/ton.
In terms of macro, it is reported that domestic excavator sales in February increased by 297.
65% year-on-year to 14,530 units, greatly exceeding market expectations, excluding New Year factors, cumulative sales in January-February 2017 increased by 188.
89% year-on-year to 19,078 units, analysis believes that the improvement in excavator sales is mainly driven by infrastructure projects and resource-based activities, which shows that infrastructure has gradually begun to make efforts
.
In addition, the National Development and Reform Commission officially mentioned non-ferrous metal capacity
reduction for the first time.
In terms of the market, Shanghai copper fell slightly, market speculators continued to enter the market to receive goods, flat water copper was favored to take the lead in narrowing the discount quotation, good copper was helped to discount the discount also narrowed significantly, near noon good copper almost flat water quotation, the market part of the warehouse receipt outflow, demand to maintain a certain degree of activity in the market, downstream on-demand goods mainly, middlemen are the main contributors to market trading, speculators have a strong willingness to push up water, and it is expected that there will be a premium
state within the week 。 In the afternoon period, Shanghai copper consolidated around the daily moving average, speculators continued to enter the market to collect low discount sources, but the willingness of holders to hold prices increased, spot discounts continued to narrow, it was difficult to find suitable sources, flat water copper newspaper discount 120 yuan / ton - discount 80 yuan / ton, good copper newspaper discount 50 yuan / ton - discount 10 yuan / ton, the transaction price was 47300 yuan / ton - 47470 yuan / ton, speculators led the trade
.
In terms of industry, Bloomberg's processing fee level in February was $80/ton, down 6% from the previous month, mainly due to the failure of Freeport's Grasberg copper mine to resume full capacity operations, and the continued strike at BHP's Escondida copper mine also hindered
overseas mine supply.
Overall, considering that the supply and demand side of the copper market has indeed improved, and the traditional consumption season is coming, it is still recommended to buy
on the dip in trading.
Domestic price data will be released on Thursday, the European Central Bank will announce its interest rate decision on the same day, and the US non-farm payrolls data will be released on Friday, waiting for further guidance
on the news.
