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The trend of weak shocks the shortage of funds to suppress the copper market

[cable] news Tuesday, copper due to shortage of funds pressure remained weak, a period of 5 years, 10 year bond futures continued to decline for sixth consecutive days, Shibor rose across the board, but at the same time, the central bank net invested 165 billion yuan in bailouts and the devaluation of the renminbi, and makes copper fell into the limited space, so the low volatility trend. Within the main copper 1702 contract opened at 44900 yuan / ton, after the opening of long and short short handover, backed by the average copper prices, a small amount of long positions out of the afternoon, tentative copper dropped to 44630 yuan / ton, while the dollar devaluation, breaking 6.95 short, low back and return to the average prices for Cuncussion nearby, to close at 44890 yuan / ton big line, fell 1200 yuan / ton.

The outer disk, the morning copper opened at $5497.5 / ton, sub plate at the beginning of long and short confrontation, copper winding average shock resistance, lead exploratory puncture 40 day moving average, to 5517 U.S. dollars / ton. However, the Bank of Japan announced interest rate decision on dollar yen, halt the troops and wait, the dollar was up to 103.42, copper bulls retracement, copper retreated below the 40 day moving average, low to 5475 dollars / ton, while the short low back up, back up copper shock, the matching period in Europe repeatedly back to test the pressure of the average. LME copper stocks fell 1450 tons, accounting for the cancellation of warehouse receipts rose to 34.62%, copper temporarily over 6 consecutive days of inventory growth, prices jumped straight on, as of 17:10, copper at $5531 / ton. Japan nellen copper xianyihouyang, showed a return to the 40 day moving average willingness in the Asian session, the supporting effect of copper inventory reduction time is enlarged, the height of rebound and continued to be investigated.

Macro aspects: U.S. dollar rose, crude oil fell. Fed chairman Yellen said the U.S. job market is in the strongest state in nearly 10 years. In addition, the Bank of Japan as scheduled by the soldiers, to maintain the policy interest rate, bond yields, Treasury holdings annual growth target unchanged, the Bank of Japan to maintain the policy rate Policy Rate 0.1%), to maintain the 10 year Treasury yields target unchanged at around 0%, to maintain the Japanese government bond holdings of 80 trillion yen annual growth target. Message offset.  

Shanghai copper futures market, continue to fall once more than a thousand yuan at the end of the year, holding the goods for cash withdrawal from circulation of funds of strong will, but also due to speculative plate closing and a. Downstream there are sporadic intentions to buy goods, but subject to the disk continuous fall, mainly to wait and see. The above quote, far more than the inquiry, receiving more few, now make copper discount to expand again, is expected to end the light market will also continue. The afternoon market price reduction, a small amount of intermediate business performance receipt will appear flat water copper premium narrowed, daily premium 230 yuan / ton – Premium 200 yuan / ton, premium copper daily premium 150 yuan / ton – Premium 120 yuan / ton, flat water copper premium rises to 180 yuan / ton, but the low degree of market acceptance, no transaction, a city without a price of the state, or for the direction of cash discount.

Overall, in general commodity market diving, LME stocks rebounded slightly, and near the end of the year, return the funds demand to expect continued premium spot superimposed years ago, short-term suppression of prices. The fundamentals of supply and demand changes little spot, far more than the price inquiry, receiving more few, that is copper premium widened again, is expected to end the light market will also continue.  

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