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Today, the main contract of Shanghai copper 1801 oscillated higher, but fell back from the high at the end of the day, showing that there is a certain selling pressure above, intraday trading at 54570-53230 yuan / ton, the end of the day closed at 54030 yuan / ton, up slightly 0.
71% daily, the current Shanghai copper is still running under the oscillation finishing platform of nearly a week, showing that bears have the advantage
.
In terms of term structure, the copper market maintained a positive arrangement of near, low, far high, and the positive price difference between the Shanghai copper 1712 contract and the 1801 contract widened slightly to 60 yuan / ton
.
In the external market, Asian Lun copper fell under pressure, partially cutting yesterday's gains, of which 3-month London copper traded at 6915-6874 US dollars / ton, now trading at 6883 US dollars / ton, down 0.
21% per day, tonight focus on the support of M60, that is, 6750 US dollars / ton
.
In terms of positions, on November 10, the position of London copper was 319,000 lots, a daily decrease of 107 lots, and a seven-week decrease in the past eight weeks, a cumulative decrease of 47,000 lots, but copper prices fell sharply in the past three weeks, indicating that the continuous exit of funds has reduced the upward momentum of copper prices
.
On the macro front, the Asian dollar index fell under pressure and is now trading around 94.
4, still close to a two-week low, as U.
S.
tax improvements are hampered
.
In addition, a series of China's economic indicators released today in October were mostly worse than expected, of which the added value of industries above designated size in October was 6.
2% year-on-year, worse than the expected 6.
3% and the previous value of 6.
8%.
In terms of information, China's power generation in October increased by 2.
5% year-on-year to 503.
8 billion kWh, down from 5.
3% in the previous month; From January to October, power generation rose 6% to 5.
1944 trillion kWh, also lower than the previous value of 6.
4%.
In terms of the market, on November 14, Shanghai electrolytic copper spot pair for the month contract reported flat water - liter water 70 yuan / ton, flat water copper trading price 53850-54090 yuan / ton
.
Shanghai copper price spread expanded to 80-150 yuan / ton, there are two trading days left before delivery, holders seize the opportunity to pull up the premium quotation, flat water copper has no discount trading, good copper premium to 50-70 yuan / ton, far month price up to rise large, speculators buy cash selling period, good copper still maintain high activity transactions, flat water copper water rises, rising to about 20 yuan / ton
.
Downstream consumer buying was passive, and most of today's transactions were speculative
traders.
During the day, the Shanghai copper 1801 contract oscillated and rebounded to 54030 yuan / ton, partly boosted by the weakening of the US dollar, and has not broken through the upper moving average suppression
.
In view of the fact that China's economic indicators in October are less than expected, it is recommended that Shanghai copper is still dominated by high altitudes, and the Shanghai copper 1801 contract can be short around 54200 yuan, with a stop loss reference of 54700 yuan, and the lower support is concerned with 53000 yuan / ton
.
