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On Monday, the main contract of Shanghai copper 1705 rebounded strongly, closing at 47560 yuan / ton, up 2.
17% per day, up 3.
5%
from the low of 45970 yuan / ton in this round of correction.
At present, the main force of Shanghai copper has returned to the intersection of moving averages and has fallen into range oscillation
.
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 remained stable at 220 yuan / ton, indicating that the forward contract has a strong
willingness to rebound.
Externally: Asian copper oscillated rebound, of which 3-month London copper rose 1.
17% to 5801 US dollars / ton, the second consecutive day of gains, but its rebound was slightly weaker than Shanghai copper, and mostly cut some gains after the Shanghai copper closed, indicating that the upper selling pressure was heavier
.
In terms of positions, on March 9, the position of London copper was 333,000 lots, an increase of 2,474 lots per day, and the increase in positions of London copper has fallen in the past week, showing that bears have an advantage
.
On the macro front: The Asian dollar index extended Friday's losses and fell further to around 101.
17 as markets priced in a bullish boost from a possible Fed rate hike in March and uncertainty climbed as the timing of the rate decision
approached.
In terms of industry, it is reported that the striking union of BHP Billiton's Escondida copper mine in Chile said on Saturday that it would not accept new contracts offered by management to return to the negotiating table, and called on management to clarify some of the negotiations to leave
.
In terms of market: on March 13, Shanghai electrolytic copper spot traded at a discount of 70 yuan / ton - 60 yuan / ton for the month's contract, the transaction price of flat water copper was 46500-46630 yuan / ton, and the transaction price of premium copper was 46550 yuan / ton - 46740 yuan / ton
.
Shanghai copper low level rebound, holders want to support last week's level of shipments, helpless responders are rare, in the second trading session quotations began to loosen, attracting some speculators into the market to receive goods at a low price, downstream copper prices rebounded after the wait and see, the transaction is dominated by middlemen, close to delivery, market mentality is different, wait for the month to return to the discount after operation
.
The Shanghai copper 1705 contract rebounded to close at 47560 yuan / ton, mainly boosted by the Chilean and Peruvian copper mine strikes, but in view of the market's concerns about the Fed's interest rate hike, and copper prices fell into range oscillation, long and short trading needs to be cautious, before a significant technical breakthrough, it is recommended to operate range-based oscillation
.
It is recommended that the Shanghai copper 1705 contract can sell high and low in the range of 47,000-48,000 yuan, with a stop loss of 400 yuan / ton
each.
