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Covers shock rebound in the short term there is still a risk of falling

  • Author:Himake Admin
  • Source:Network cable
  • Release on:2016-12-21

TodayShanghai copperMain contract contracts recovered late surge 1702 45330 Yuan/ton, 0.8%, is in a almost two weeks highs oscillate consolidation platform, running under the above programme selling pressure remained heavy. The term structure of Shanghai copper 1701 and 1702 contracts contracts spread flat up to 140 Yuan per tonne.

External drive: the oscillation of copper rose, of which 3 months copper climbed 0.6%-5548 dollars/tonne, not having recovered to stir up high above the finishing platform, downside risks remain in the short term. Position, on 19 December, copper holdings to 378,000, the day 5007, 4 copper reduction sell this week, showed long rallies had profits greater interest. 

Macro: the dollar index fell slightly to wobble around 103.1, is still high. Market focus aid progress of the Bank of Italy. It is reported that Italy will be in Beijing on December 21 to 19:00 on Senate vote the Government in banking assistance scheme. Now Italy Government parliamentary approval of a financing plan of 20 billion euros to stabilise the banking sector. In November, exports of unwrought copper 10525 tons, hit a low of the year January, in China in January-November exports of unwrought copper and total were 399402 tons.

Market: local month contract in December 21 electrolytic copper water-water 250 130 Yuan/ton, Pingshui copper price 44820-45050 Yuan/ton. Shanghai copper futures falling rebound to attract part of the bargain and purchased goods and raw materials, reduce to some extent the copper backwardation. The Chargers still have the will to change, but subject to late speculative buying less, cut hard, closing businesses increased, so the dumped goods waning, play the seesaw situation of supply and demand on the market. Light at the end must also continue. 

Day-Shanghai copper recovered the contrato oscillation 1702 45330 Yuan/ton, mainly technical amendments to boost, but because copper inventories rose sharply in almost a week, the dollar index remains high, increased copper prices increasing resistance. Recommended 1702 copper contracts backed by 46000 under every sky, admission references around 45500, 44000 target attention.