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On Monday, the main contract of Shanghai copper 1701 contract continued to rebound, and the rise further expanded, the highest intraday touched 40770 yuan / ton, the intraday limit board was 41540 yuan / ton, and the end of the day closed up to 40380 yuan / ton, up 3.
19% per day, and the daily closing price hit the high point since September 18 of the year
.
At present, the main contract of Shanghai copper has effectively stabilized above the moving average group, and the rebound pattern has maintained well
.
In terms of term structure, the Shanghai copper 1612 contract and the 1701 contract showed a positive price difference slightly widened to 60 yuan / ton, indicating that the forward contract has a strong
willingness to rise.
Externally: Asian Lun copper continued to rebound, of which 3-month London copper rose 1.
34% to 5058 US dollars / ton, effectively stabilized above the moving average group, maintained the recent rise (in the past three weeks, London copper has risen more than 9.
17%), and the upper rebound resistance focuses on 5200 US dollars / ton
.
In terms of positions, on November 3, the position of London copper was 336,000 lots, an increase of 6,048 hands per day, and the increase in the position of London copper in the past two weeks has increased, indicating that the copper price rise has funds to advance, and the long and short divergence has increased
.
Macro: The Asian dollar index oscillated slightly higher, now trading around 97.
6, partially cutting the larger decline recorded last week (-1.
41%), this week the market is focused on the results of the US presidential election, expected to be released at noon on Wednesday, and also need to pay attention to tomorrow's Chinese October trade data
.
In the sector, the yuan traded at 6.
7725 against the dollar, the biggest downward revision in more than two weeks, and the previous day's central price was 6.
7514, as the sharp depreciation of the yuan spurred inflation expectations
.
In terms of market: on November 7, Shanghai electrolytic copper spot contracts reported a premium of 100 yuan / ton - 150 yuan / ton of water premium, and the trading price of flat water copper was 39550-40080 yuan / ton
。 The first trading session period copper maintained a rise of 500 yuan, the transaction was acceptable, the second trading session copper soared all the way quickly touched the 40,000 yuan integer mark, the market is overwhelmed, the holder of a large number of value preservation orders are trapped, quotation difficulties, the supply of copper is slightly reduced, the premium rises, speculators lack of operating space, caught in the wait-and-see, downstream fear of heights is strong, more wait for copper prices to stabilize after operation, the trading atmosphere is blocked with the high rise of the plate, Monday characteristics are obvious
.
The Shanghai copper 1701 contract continued to rise to 40,380 yuan / ton during the day, as coking coal and coke were once again strongly closed at the price limit, boosting commodity market sentiment
.
At present, Shanghai copper is effectively running above the moving average group, the upward trend of copper prices is still maintaining a good trend, London copper increased its position, and the net position of CFTC speculative funds turned into net long, enhancing the upward momentum
of copper prices.
In terms of operation, it is recommended that the Shanghai copper 1701 contract can be backed above 39,600 yuan, and the entry is concerned about around 40,000 yuan, with a target of 41,000 yuan / ton
.
