Construction Securities (4.06): Copper and Aluminum

The "Risk Warning" section of the journal aims to describe the risk of long and short positions through the icon of the star flag. It can be used as a reference for investors when dealing with open positions. In practice, investors need to trade according to their own short-term lines. Different strategies and different varieties of fluctuations in the characteristics of a specific grasp. The specific star classification criteria are as follows: ☆ The reverse run range of new-year closing price may be less than 2%. ☆ ☆ The reverse run range of new-year closing price may be greater than 2%. ☆☆ ☆ The period price is the reverse of the newer closing. The rate may be greater than 3%. ☆☆☆☆ The reverse run of the period from the newer close may be greater than 4%. ☆☆☆☆☆ The reverse run of the period from the newer close may be greater than 5% Risk Warning: Bulls: ☆ Short Risks: ☆ Tips before the market: Orient: Copper: In early trading yesterday, LME copper in March was affected by the profit-taking of the fund. The price oscillated and fell to a low of $3,205, but then weakened in the US dollar. Under the influence of speculative buying, copper prices have risen, ending at US$3,233/ton, down US$24.5/ton from the previous trading day. The fluctuation ranged from US$3257.5 to US$3,205/tonne. LME copper inventories increased yesterday. From 300 tons to 45.55 million tons, on the foreign exchange market, the US dollar showed a trend of a sharp decline yesterday. Fed Chairman Greenspan has no comment on the impact of oil prices on the economy, but has little effect on the US dollar. The market expects that the United States may accelerate the pace of interest rate increase in the later period may not be large, making the US dollar blocked, the current trend of the US dollar will become the lead copper price, from the perspective of positions, because the current fund still has more long positions in the hands, so the recent high price of copper shocks May be larger. Yesterday, domestic Shanghai copper exhibited a slight downward trend after Xiatan's opening. The rise was significantly higher than that of the external market. This was closely related to the fact that domestic and foreign prices were still seriously inverted. The domestic spot price rose again yesterday to 34450~346000 yuan/ton. The operation is still dominated by short-term intraday trading. Aluminium: LME March aluminum futures rebounded yesterday, ending at $1931/tonne, down by $11/tonne from the previous trading day, and short-term aluminum price resistance above the 20-day moving average at 1965 dollars. . Yesterday, LME aluminum inventories fell by 3,150 tons to 542,290 tons. Yesterday, the domestic Shanghai aluminum continued to show a shocking trend. The transaction volume was light, and the lightness of the trading was difficult to attract market sentiment. The domestic spot price did not change yesterday and it was reported to be 16510~16,530 yuan/ton. Operate temporarily on the sidelines. Ma Hongqing: The LME copper price bottomed out on Tuesday's trading. The dollar's sharp decline has provided support for the futures price. The current market's focus is on the announcement of late-night rights. Looking at the current option position, the 3250 seems to be quite critical. The technical indicators indicate that Copper prices are more likely to fall back to their current positions, and the recent sharp decline in positions will make the possibility of squeezing out in the current month. I personally think that the current price is worth strategic short selling. The specific operation is to establish a small number of short positions on the CU1 500 line at the front line of the 3506. After the period price breaks through 31200, the target price is 30,300, followed by 29,500. Overseas Express: LME Market Report: London, April 5: London Metal Exchange (LME) copper closed lower on Tuesday, but pulled out of the day low, attracting buying at a time when the US dollar weakened, but analysts said the market is still weak. The staff cannot conclude that a strong investment fund will determine the direction in which the market will be pushed. There is no potential sell-off in the previous quarter ending with market discussions. Bach Financial’s metal analyst McMillan said, “I think the market is to some extent In an unstable state." "People are not afraid to go short, especially when the fundamentals of copper are indeed very good." The three-month copper overnight market composite trade closed at $3,235 per ton, down from Monday's 3,245, but It has been far away from the low of 3,209. As the strong US dollar has drawn funds out of the base metals market, copper has fallen sharply from the record high of US$3,308 set last week. Barclays Capital said that although some macro hedge funds are worried about high oil prices and rising interest rates will affect metals Demand has been profitable, but long-term investment funds have been “very positive” in the commodity market. However, JP Morgan said that mining stocks may be affected by the recent decline in the popularity of base metals. JP Morgan said investors should consider exiting the sector and rejoin the second half of this year. Three-month aluminum follow-up copper performance by The intraday low of 1,911.50, which was set in the session, rebounded and closed at $1,935. It was only one dollar lower than yesterday's closing. Traders said that aluminum has attracted fund buying in the lows. Other metals have mixed performances. Monthly lead and three-month zinc rose by US$1 and US$9 respectively, to US$942 and US$1,355. Three-month tin fell by US$50 to US$8,050 per ton, and three-month nickel closed lower by US$15,700. COMEX Copper City Reports: NEW YORK, April 5: Copper futures on the New York Mercantile Exchange (COMEX) closed lower on Tuesday, but after the dollar's gains receded, it narrowed the decline. A broker said, "Euro was boosted from the lows. Contact directly, but it seems to be boosted by the strengthening of the euro. Only fluctuations in the range, the actual volatility is not." May copper closed down 1.05 cents to 1.4845 US dollars per pound. Trading range of 1.4645-1.4940 US dollars. Spot The April period fell about 0.95 cents to $1.4965. Others The monthly contract ended 0.90-1.15 cents lower. The COMEX copper volume was estimated at 14,000 lots, compared to 12,334 lots on Monday. The open interest on Monday increased by 1,308 lots to 119,922 contracts.

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