Before the holiday, LME's comprehensive copper price in March did not hit a new high, but the on-site copper price hit a new high. However, the copper price failed to stand at a high level, but it was not satisfactory after COMEX resumed trading on Monday. Due to the sharp correction of the euro against the US dollar, copper prices were weak. Today, after Shanghai Copper opened nearly 200 points lower, it is still weak, indicating that the market mentality is extremely unstable at the current price. Any trouble can cause large fluctuations in copper prices, and from the recent performance of copper prices at a high level, it is obvious that it has become easy to fall and difficult to rise. The rising process is very slow. When it falls, it can be realized in one trading day, and the falling is often seven or eight hundred points or even thousands of points. This is also the inevitable performance of the high copper price. Today, copper prices fell rapidly after opening lower, but under the impetus of short-term capital buying, copper prices fluctuated upward. Copper prices mainly fluctuated upward throughout the morning. After the resumption of trading in the afternoon, due to the rapid decline of aluminum prices and the daily limit, copper prices fluctuated downwards. Before the end of the first quarter, the copper price began to dive and the electronic disk fell rapidly. The market is worried that any news of RMB appreciation at the Central Financial Work Conference will be detrimental to copper prices. After the resumption of trading in the second quarter, the copper price fell rapidly, and the copper price of forward contracts also fell rapidly due to the daily limit of aluminum sealing. However, the price drop attracted the emergence of short-term profit-taking, copper prices failed to seal the daily limit, and prices rebounded slightly, but the weak characteristics were obvious. Although the forward contract has fallen sharply, which may be related to the market's concern about the change of RMB exchange rate, the recent contract performance is relatively firm, especially the price trend of CU50 1 contract is relatively strong. Although the closing price has also dropped by more than 400 points, the copper price has been floating red in intraday trading, especially in early trading, and the copper price has increased compared with that before the holiday, indicating that the spot price as a whole is still relatively tight. Judging from the price announced in the spot market of the Yangtze River nonferrous metals in the morning, the spot price of copper has stood above 3 1 1,000. It can be seen that the shortage of spot makes it difficult for copper prices to fall deeply, and copper prices fluctuate at a high level, especially after reaching a high of 3 1 1,000 US dollars. If you want to continue to hit historical highs, it is difficult for copper prices to hit a new high if they are not properly adjusted, so there is no need to look down on copper prices. I believe that there will be strong support above the copper price of 2980 and 2900 dollars, and the copper price should not fall below the above price. Reduce empty orders by bargain hunting in operation. Once the copper price shows signs of stopping falling, all empty orders will be eliminated and immediately turned over. It should be difficult for copper prices to plummet in the first quarter. Today, the overall trading volume of Shanghai Copper has been significantly enlarged, and the positions have dropped significantly. Total positions on the disk decreased by more than 65,438+05,000 lots. Compared with the closing price of the last trading day before the festival, the copper price has dropped by 400-920 points, and the forward contract has fallen sharply.

The main contract, CU503, closed at 29 1 10, with a maximum of 29 190 and a minimum of 28,270, and closed at 28,560, down 7 10, with a hand 1342 10. CU502 contract opened at 29,880, with the highest at 29,940 and the lowest at 29,000, and closed at 29,350, down 600 points, with 484 12 lots, holding 104624 lots, a decrease of 7,634 lots.

Judging from the copper positions of the Shanghai Stock Exchange announced after today's close, COFCO's seats are in turmoil. Today, most of the empty orders established before the festival will be closed. Judging from the short-term changes of COFCO's seats, the funds are mainly short-term, which also shows that the current view of the main funds on copper prices should be a range fluctuation pattern, and the price is still expected to rise further in the short term, but the increase of copper prices is often not too large. After the rise, it may attract more short-term funds to enter the market to short, and obtain such short-term profits. Therefore, we can still look at the current copper price from the viewpoint of high volatility in the market outlook, and there is no need to chase up and down. Judging from the COMEX position data released by CFTC on Monday, the net multiple orders of the fund increased again, with the total number of multiple orders held reaching more than 33,000, and the net multiple orders reaching about 27,000. These circumstances show that it is unlikely that copper prices will plummet in the near future, but the possibility of deep adjustment is not ruled out.

In the operation of the market outlook, empty orders are on dips, so don't rush to buy more orders for the time being. When you reach the above two key positions, you can start buying on dips.

This consultation is for reference only, and the corresponding operation risks are at your own risk.