Shanghai copper spot price of the current month contract reported premium of 120 yuan / ton - premium 50 yuan / ton, flat water copper transaction price 43,550 yuan / ton -43650 yuan / ton, premium copper transaction price 43,570 yuan / ton -43700 yuan / ton. Shanghai copper futures within a narrow range, the early holders continue to try to narrow cargo shipments, but the market acceptance is low, good copper goods and more cheap, holders of merchant mentality, followed by some good copper holders began to adjust The price of water delivery, and the disk was once with the fall, some still hold very price will, and flat water copper shipments are limited, near noon and good copper no difference, brokers hard to find low-cost supply, market decline, the downstream Monday Wait and see, the overall market slightly see-saw state, turnover was down from last Friday, but the general trend of the late copper discount is consistent attitude.

European Central Bank this month after the start of QE, the German economic indicators showed strong growth momentum last week, the German manufacturing PMI, IFO business climate index and GfK consumer confidence index hit a new high. Economists optimistic about the fundamentals of Germany led the euro zone economic recovery, the German DAX index rose more than 20% this year. In the first quarter under the pressure of economic downturn, the central or soon to launch a new round of steady growth policy. The choice of policy tools is more consistent with the local, will mainly emphasize the increase of effective investment. Infrastructure areas, especially environmental protection, water conservancy, transportation, communications, the four areas will remain the focus. The average marginal cost of domestic copper concentrates is about 41,500 yuan / ton, which is why in January this year, when the copper price plummeted to 40,000 yuan / ton, the domestic Mine began to cut production phenomenon. For the current average production cost of domestic copper concentrate, analysts revealed that about 37,000 yuan / ton. According to SMM research shows that about 82% of domestic copper production capacity in the average level below, because this part of the copper mine is mostly large-scale state-owned mines, and basically in full production status. If we take into account the domestic copper concentrate price coefficient, the average cost of domestic copper concentrate in about 38,500 yuan / ton.

Stocks, March 27 LME global copper stocks decreased 2,425 tons, to 337,175 tons, accounting for 25.20% off warrants. Asian copper stocks, Busan, South Korea reduced 1,000 tons to 22,450 tons. Outer plate premiums and discounts, the March 27 LME spot copper on the three-month copper premium 23.5 US dollars / ton, compared with 26 liters of water 21.5 US dollars / ton increase.

Copper Xianyihouyang, but most of the time within a narrow range within the main low, intraday trend of moderate, little volatility. From the hour line point of view, the current copper in high shock stage, Bauhinia trend signal replacement more frequently, and the white signal number, direction unknown, difficult to operate, it is recommended wait and see appropriate.

Operating recommendations: the current price of copper in the absence of greater positive stimulation, the recent high sideways, below the 10-day moving average of the copper to form a certain amount of support, but because of the strong dollar index suppressed copper upside, the recent Will maintain the sideways pattern.

Tel: 0531-86083996 Mailyard Futures Jinan business department