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On Thursday, the main contract of Shanghai copper 1805 fell under pressure, with an intraday trading range of 52740-51980 yuan / ton, and closed at 52120 yuan / ton at the end of the day, down 0.
4% on a daily basis, and short-term copper prices fluctuated
in a narrow range around M200.
In terms of term structure, the positive price difference between the Shanghai copper 1804 contract and the 1805 contract slightly narrowed to 260 yuan / ton
.
In the external market, Asia Lun copper fell under pressure, of which the 3-month London copper traded at 7011-6956 US dollars / ton, and is now trading at 6965 US dollars / ton, down 0.
24% on the day, but still running below the main moving average group, indicating that the upper selling pressure is heavier
.
In terms of positions, on March 13, the position of London copper was 310,000 lots, an increase of 902 lots per day, and the position was still mainly reduced this week, indicating that the confidence of bulls to buy long on the dip was insufficient
.
In terms of the market, on March 15, Shanghai electrolytic copper spot traded at 30 yuan / ton - 100 yuan / ton for the monthly contract, and the trading price of flat water copper was 51650-51800 yuan / ton
.
Thursday is the last trading day of the Shanghai copper 1803 contract, and the price spread fluctuates frequently in the range of 340-370 yuan / ton in the next month, although the holder's quotation is positive, but the transaction is far less than the previous day
.
In the second trading session, the market fell again, and the price difference fell slightly to the range of 330-350 yuan / ton in the next month, and the holders expanded the discount quotation
to attract transactions.
The market rose steadily, approaching 52,000 yuan / ton, and the downstream received a large number of goods on the previous day, the initiative and enthusiasm of receiving goods decreased significantly, and only a small number of traders collected part of the low-price sources
.
It is expected that after the change of month, the holders will return to the strong price situation, and the large discount state will be narrowed and improved
.
On the macro front, the Asian dollar index oscillated around 89.
7 and is now trading around
89.
72.
In addition, US retail sales fell 0.
1% month-on-month in February, a three-month losing streak, and expected to rise 0.
3% and decline 0.
1%
in the previous month.
Meanwhile, the US PPI rose 0.
2% month-on-month in February and rose 2.
8% y/y, unchanged than expected
.
On the industry front, Chile's Escondida copper mine, the world's largest copper mine, said it had invited unions to participate in preliminary salary negotiations
.
During the day, the Shanghai copper 1805 contract fell under pressure to 52120 yuan / ton, indicating that the topside selling pressure is still heavier, as the market seeks trading direction
between trade concerns and China's strong economic data.
In operation, it is recommended that the Shanghai copper 1805 contract can be sold high and low in the range of 51900-52800 yuan / ton, and the stop loss is 350 yuan / ton
each.
