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The rally in copper prices, which are trading at mixed averages, should be viewed with caution
Release time:2019-3-7 10:51:52      Hit count:315

On Tuesday, Shanghai copper contract 1806 oscillation rebound, intraday trading in 51050-50530 yuan/ton, the last trade closed at 50820 yuan/ton, up 0.65% day, the current copper price is running at the intersection of the average, rebound height should be treated with caution. In terms of term structure, Shanghai copper 1805 contract and 1806 contract contango increased to 160 yuan/ton.

In terms of external trading, Aaron copper oscillated slightly higher, including the three-month LME copper at $6,894 / ton, up 0.15% on a daily basis, is still in the moving average mixed. In terms of position holding, on April 16, the position of lun copper was 322 thousand, with a daily increase of 1791 hands. The position of lun copper increased and oscillated, indicating that the copper market sentiment increased after the copper price rose.

On the macro front, the Asian dollar index continued to fall under pressure, trading around 89.3, below its moving average, as tensions in Syria slowed. In addition, the national bureau of statistics data show that in the first quarter GDP growth of 6.8% year-on-year, from 1.4%, 1.5% lower than expected, but for industrial products, more need to focus on industrial output and the year-on-year growth of investment in fixed assets, such as data, including industrial output in March year-on-year growth of 6%, only less than 6.3% of the expected 1 - industrial output by 6.8% year-on-year in March, 6.9% lower than expected and the former value is 7.2%, and 1-7.5% compared with the urban fixed asset investment in March, the difference value prior to the expected 7.7% and 7.7%.

On the industry side, Polymetal international said it would swap its tarudin gold deposit in Russia for 85 per cent of the Russian copper company's assets in eastern tarudin, kazakhstan.

In terms of the market, on April 17, spot spot of electrolytic copper in Shanghai reported a premium of 190 yuan/ton to 250 yuan/ton for the current month contract, while the transaction price of plain copper was 50,870 yuan/ton to 50,960 yuan/ton. A shipper of continuation of a high premium on 1 pattern offer positive, premium 210-250 yuan/ton, clinch a deal but difficult, market and high emotion, and the grocers in willingness is strong, now offer quick to premium 200-240 yuan/ton, clinch a deal to recover, the market supply of goods is more, the shipper again to take the initiative to cut price premium 190-230 yuan/ton buying have increased significantly. After 11 o 'clock, the disk continued to rise slightly, ping shui copper stability. Intraday downstream fear of high to maintain rigid demand, the market in the rebound pattern and high premium situation, the willingness to trade high, offer is difficult to hold firm for a long time, the see-saw situation or will be more obvious.

During the day, the Shanghai copper contract 1806 oscillation rose to 50,820 yuan/ton, as the dollar index fell, led by the metal market. But the rally has been hampered by mixed first-quarter economic data from China. With copper trading at a mixed average and a volatile trade dispute between China and the United States, investors need to remain cautious. In terms of operation, it is suggested that the contract of Shanghai copper 1806 can be sold high and sucked low between 50500-51500 yuan/ton, and the stop loss is 350 yuan/ton.


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