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On Friday, the main contract of Shanghai copper 1703 opened at 47110 yuan / ton, the intraday high fell back, and the daily closing price was close to a new high in a month, closing at 47400 yuan / ton, up 0.
87%.
At present, Shanghai copper has effectively stabilized above the moving average group, and the rebound resistance is concerned about 48,000 yuan / ton
.
In terms of term structure, the copper market maintained a positive arrangement of near low and far high, and the positive price difference between Shanghai copper 1702 contract and 1703 contract remained at 160 yuan / ton, indicating that the forward contract has a strong
willingness to rise.
Macro: the dollar fell, crude oil shocked
.
Fed Chair Janet Yellen: The economy is doing quite well
at the moment.
There are no major impediments in the short term, and the long-term impediments to the current economy are productivity and inequality
.
The labor market is strong overall, and wage growth is accelerating
.
Inflation has recovered from extremely low levels and has not yet reached the 2% target, but it is very close, and the speech is more neutral and does not send hawkish signals
.
Too many
messages.
Market: On Friday, Shanghai electrolytic copper spot reported a discount of 100 yuan / ton - flat water for the current month's contract, the trading price of flat water copper was 47180 yuan / ton - 47300 yuan / ton, and the trading price of premium copper was 47220 yuan / ton 47380 yuan / ton
.
Shanghai copper continued to rise, and then rose more than 600 yuan / it, speculators profit continue to ship, market supply further increased, sufficient supply, diversified brands, now copper discount shipments, and gradually expanded, in order to seek transactions, downstream on-demand main, supply exceeds demand pattern is clear, lack of transactions, mostly for long single delivery circulation
.
Industry: China's imports of unwrought copper and copper products rose 28.
9% in December 2016 from the previous month to 490,000 tonnes
, according to data released by the General Administration of Customs of China.
China's imports of unwrought copper and copper products reached a record high of 4.
95 million mt in 2016, up 2.
9%
from the previous year.
This week, SMM spot TC was reported at $85-90/mt, remaining stable
.
News: Indonesia's ban on exports of unprocessed metal ore came into effect on Thursday, and U.
S.
Freeport McMullen Copper-Gold Mine and other miners have suspended shipments of Indonesian copper concentrate
.
Supply reduction doubts continue to support copper prices
.
On the whole, the sharp fall of the US dollar is good for the gold sector, copper short-term 44000 support is strong, copper recent fundamentals have not changed much, short-term is difficult to support new highs
.
Indonesia's suspension of concentrate exports is expected to be positive in the short term, and it remains to be seen
whether the market is speculated.
In terms of spot, the downstream is mainly on demand, the pattern of supply exceeding demand is clear, the transaction is scarce, and most of them are long-term order delivery circulation
.
