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Today's Shanghai copper main contract 1704 volatility lower, closing at 47730 yuan / ton at the end, down 30 points, or 0.
06%, from the settlement price of the previous trading day, the position was 191912, the daily position was reduced by 8924 lots, and the trading volume was 324820 lots
.
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 1703 contract and the 1704 contract widened to 200 yuan / ton, indicating that the forward contract has increased its willingness to resist decline
.
Externally: Ashilun copper rushed back down, and the trend resonated
with Shanghai copper.
Among them, the highest three-month London copper rose to 5951 US dollars / ton, and it is now trading around
5905 US dollars / ton.
In terms of positions, the position of London copper on February 23 was 325,000 lots, an increase of 3,376 lots, and the increase in positions showed that bulls entered the market and some bears took profits
.
Macro: The Asian dollar index traded sideways today, rising as high as 101.
28 and now trading at 101.
11
.
In addition, data from the U.
S.
Department of Commerce showed that new home sales in the United States were annualized by 555,000 in January, compared with 571,000 expected; new home sales in January increased by 3.
7% month-on-month and expected to increase 6.
4%.
On the industry front, Medco Energi subsidiary AMNT said in a statement on Friday that it had been granted permission to export 675,000 tonnes
of copper concentrate.
In a statement, the AMNT president said: "AMNT will immediately resume export activities and resume mining operations
in Batu Hijau.
In terms of market: today's Shanghai electrolytic copper spot contract discount of 260 yuan / ton - discount of 100 yuan / ton, flat water copper trading price of 48120 yuan / ton - 48360 yuan / ton, premium copper trading price of 48200 yuan / ton 48480 yuan / ton
.
Shanghai copper center of gravity down, market trading still has not improved, now copper discount quotations basically maintain yesterday's level, good copper brands relatively resisted, some holders are relatively strong, market supply brands are diverse, flat water copper brands are still serious differentiation, some delivery warehouse receipts outflow, more popular, oversupply pattern is still obvious, downstream has not seen obvious entry into the market
.
Intraday Shanghai copper main contract 1704 continued the weak shock pattern, although the supply-side speculation temporarily stopped waiting for the progress of negotiations, as well as the weakness of the downstream property market and imported copper, temporarily inhibiting the upward offensive of copper prices, but the sharp decline in recent days still tends to be a technical adjustment, and the overall short-term pattern has not been shaken
.
Operationally, it is recommended to pull back to buy, long reference 47500 yuan / ton, stop loss 46500 yuan / ton
.
