Abstract Yesterday, the Shanghai copper main contract 1506 oscillated higher. At the close, it rose 0.6% to close at 43,930 yuan/ton, and the position increased by 16,970 contracts. Long-term low and backward, copper prices have risen in the near future and rose to the level of early January. The trend of the transition seems to have also ignited the recent financial heat...
Yesterday, the Shanghai copper main contract 1506 volatility rose, as of the close, rose 0.6%, reported 43930 yuan / ton, positions increased by 16,970 hands. Long-term low and backward, copper prices have risen in the near future and rose to the level of early January. The trend of the transition seems to have also ignited the recent financial enthusiasm. In the past three trading days, the Shanghai copper holdings increased by more than 24,000 hands. The “Bronze Doctor†was sought after by domestic funds. At the current price level, the rebound in copper prices has received considerable attention from the market. In the second half of 2014, copper prices went down all the way, from 50,000 yuan / ton to the first line of 38,600 yuan / ton on January 30. Jiangxi Copper announced its annual report on Wednesday evening that the company's net profit in 2014 was 2.851 billion yuan, down 20% year-on-year. In 2014, Jiangxi Copper produced a total of 1.2 million tons of cathode copper, and its output increased steadily; the total production of copper concentrates contained 210,000 tons of copper, which was basically the same as the previous year. For the year-on-year operating income growth of 13.04%, the company said that the main reason is the expansion of the Group's business, increased product sales and increased trade income. “In the report period, the overall global economy was in a downturn, the downward pressure on the Chinese economy increased, and the global mining industry ushered in a 'cold winter'. The Chinese non-ferrous metals industry faced a severe situation of overcapacity in production, fierce market competition, and sharp decline in product prices. A sharp rise, the company's product gross margin fell, leading to a decline in net profit." Jiangxi Copper said.
After January 30, Lun Copper and Shanghai Copper both turned heads upwards and have risen to the level of early January, which is the highest level in two and a half months. With the development of the rising trend of copper prices, the enthusiasm for funds has also been ignited. According to the data of the previous period, the recent holdings of Shanghai copper have increased significantly. On the way to the rebound, Dr. Copper’s short-term high performance has attracted attention.
According to the data of the previous period, on Tuesday and Wednesday, the number of positions in Shanghai copper increased significantly. The number of daily positions increased by more than 10,000 hands, including 12,202 lots on Tuesday and 12,396 lots on Wednesday, which is more obvious than the previous positions. “Dr. Copper†is sought after by funds. This is not unrelated to the recent retreat of the US dollar and the bullish sentiment in the commodity market. Lun Copper jumped to nearly two and a half months high, and Shanghai's main copper contract in June also rose to a high since early January. Wenhua Finance and Economics data showed that yesterday's non-ferrous sector index hit a high yesterday, and closed up 0.39%.
However, as the market expects the Fed to raise interest rates in September, the dollar began to rebound after two consecutive days of decline, while weak HSBC manufacturing data also consolidated commodity highs. Analysts believe that in terms of Shanghai copper, the current copper market still has strong support, and there is still room for rebound.
In the news yesterday, Chilean National Copper Company (Codelco) said in a statement that all mines in northern Chile were closed due to bad weather and mining was suspended. Galaxy Futures believes that following Codelco's announcement that all mines in the north are closed due to heavy rains, a total of 1.2 million tons of copper mines will be shut down. Pan Pacific Copper also shut down its 100,000 tons capacity in Chile due to weather in northern Chile. At the copper mine.
In terms of fundamentals, Fubao Information's recent survey results show that the average average operating rate of cable companies in March was 55.37%, which was 5 percentage points higher than last month (the average operating rate in February was 50.13%). In February, the start-up time caused by the Spring Festival holiday was greatly shortened. However, with the gradual development of the second quarter, the market demand continued to improve. In March, the cable companies started to return to normal, although the current market demand is not good and the funds are delayed. It is the main problem that causes headaches for the business, but the merchants are optimistic about the gradual coming of the peak cable, gold, silver and silver consumption season.
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