Market review: Shanghai copper rebounded today, cu1905 contract trading range of 48140-48480 yuan/ton, closed at 48360 yuan/ton, down 0.04 per cent per day. Position 210982,-462; base difference 1020, +70 from the previous day. On the external side, as of 15:35,3-month Luntong reported $6353.00/ton, up 0.27 per cent per day.
Copper industry information: Top Peruvian government officials on Wednesday, hoping to peacefully resolve a dispute over the blockade of copper traffic by indigenous communities. Days of strife have led to the suspension of shipments from LasBambas, Peru's largest copper mine. Peruvian Prime Minister Salvador del Soral said a government commission headed by three ministers would engage in dialogue with the Fuerabamba community through a mediator. Last week, the community leader and lawyer were arrested on suspicion of blackmailing the copper mine's owner, Minmetals Resources.
in stock analysis: Shanghai Electrolytic Copper in stock reported premium 1080 yuan/ton-premium 1250 yuan/ton, flat copper transaction price 49280 yuan/ton -49350 yuan/ton, premium copper transaction price 49400 yuan/ton -49480 yuan/ton. Shanghai copper futures continued to fluctuate in the range of 48200-48300 yuan/ton. In the last two trading days before the end of the month, the cargo holders had a stable mentality and were not eager to exchange cash. Instead, the quotation became more firm. In the morning market, the quotation for good copper was 1250 yuan/ton, while that for plain copper was 1100-1150 yuan/ton. The inquiry atmosphere was weak, and the transaction was quiet. After 10 o'clock, the good copper was slightly loose, the quotation dropped slightly below 1220 yuan, flat water copper can be priced to 1080 yuan/ton of water turnover, wet copper around 920 yuan/ton of water, downstream replenishment is also gradually less. At the end of the month, in order to avoid the objection and conflict between the supply and demand sides on the invoice, the market transaction is obviously weak and the quotation is stable. Some speculators turned to next month's invoice supply ahead of schedule, but the market's invoice performance next month is not yet stable, good copper premium 50-100 yuan/ton, flat copper premium 60 yuan/ton-premium 20 yuan/ton, receiving small groups, we are still cautious.
Warehouse receipt inventory: warehouse receipt 188 139,554; On March 27, LME copper inventory was 170,725 tons, 1,550 tons less than the previous trading day. As of March 22, 2019, the stock of cathode copper on the Shanghai Futures Exchange was 259,172 tons, down 5,429 tons from the previous week. From a seasonal perspective, current inventories have remained at average levels compared to the last five years.
Main position: Shanghai copper 1905 contract top 20 long position 65078, 2129; short position 70959,-212. Mainstream positions show more than short.
Market research and judgment: Today, Shanghai Copper has rebounded. The current market is generally concerned about the progress of the new round of trade negotiations between China and the United States. Therefore, the overall performance is more cautious, with a strong wait-and-see attitude, and short-term recommendations are volatile. In the in stock market, the mentality of the holders is stable, there is no rush to exchange cash, the downstream replenishment is also gradually less, the market turnover is obviously weak, the quotation is stable. Some speculators turned to the source of invoices next month ahead of schedule, but the performance of invoices in the market next month is not yet stable, with few receiving groups, and everyone is still cautious. Technically, the Shanghai Copper 1905 contract has strong buying support near 48000 yuan/ton, but today's intraday probe to the 60-day moving average near the pressure is obvious. Operationally, it is suggested that the Shanghai copper 1905 contract can consider throwing high and buying low between 48000-48800 yuan/ton, with stop loss of 300 yuan/ton.
Source: Ryder FuturesThe above content is for reference only, according to which the risk of entering the market is at your own risk.
