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Today's Shanghai copper main contract 1704 volatility higher, closing at 48650 yuan / ton, up 820 points, or 1.
71%, from the previous trading day's settlement price, holding 191314 lots, daily increase of 2724 lots, volume 339392
.
In terms of term structure, the copper market maintained a positive arrangement of near low and high high, and the positive price difference between the Shanghai copper 1703 contract and the 1704 contract narrowed to 230 yuan / ton, indicating that the willingness of forward contracts to rise was weakened
.
Externally: the rise of Asian Lun copper shrank after the high, of which the highest rise in 3 months was 6033 US dollars / ton, and it is now trading around
6006.
5 US dollars / ton.
In terms of positions, the position of London copper on February 27 was 320,000 lots, a decrease of 3,282 lots, and the recovery of positions showed that some bulls chased after the victory, and the short stop loss fled
.
Macro: The Asian dollar index retreated higher, rising as high as 101.
26 and now trading at 101.
03
.
In addition, US President Donald Trump said in his speech to Congress that he would ask Congress for $1 trillion in infrastructure spending to replace America's "broken infrastructure"; His economic team is developing historic tax reform, which will lower corporate tax rates; China's official manufacturing PMI for February was 51.
6, better than expected at 51.
2 and 51.
3
previously.
On the industry front, Freeport McMullon said its large Grasberg copper mine in Indonesia would not "resume business as usual," with operations disrupted
since mid-January due to stagnant exports.
In terms of market: on March 1, Shanghai electrolytic copper spot contract reported a discount of 290 yuan / ton - discount of 140 yuan / ton, flat water copper trading price of 47720-48180 yuan / ton, premium copper trading price of 47760-48280 yuan / ton
。 Now copper discount slightly expanded, in the morning market some speculators pressed the price into the market, after entering the second trading session, Shanghai copper rapidly rose, morning speculators profit shipments, now copper discount once expanded, flat water copper a small amount of quotation once exceeded the discount of 300 yuan / ton, but in the near noon after the stability of the plate returned to rationality, now copper discount once again narrowed, downstream demand-based, speculators favor low-priced sources, low price to receive goods, transactions are more speculative characteristics, trading general, mainly middlemen
.
The main Shanghai copper contract 1704 rebounded strongly higher during the day, mainly boosted by the improvement in manufacturing in February between China and the United States and Trump's speech, and continued to pay attention to the interpretation of its speech in the evening
.
Operationally, it is recommended that the Shanghai copper 1704 contract can be built at 48500 yuan, the stop loss reference is 47800 yuan, and the target focus is 49500 yuan
.
