Hu Kaixi on the city: delivery led to change in monthly premium

Fundamentals: 1. LME three-month copper closed down on Wednesday, and LME three-month aluminum also continued to weaken. The other base metals were mixed, and the uptrend was hampered by the upper resistance. The three-month copper was quoted at US$2,960 per ton, which was US$18 lower than the closing price on Tuesday. The copper rose once in the middle of the afternoon, but encountered selling pressure near 2,990. Prices fell slightly. Spot/three-month inverse price spread was reported at 122/132 USD. 2. The Federal Reserve Board (FED) announced that the interest rate decision did not have much impact. FED raised interest rates by 25 basis points and raised the federal funds rate. To 2.00%. 3. Copper stocks drastically reduced LME stocks decreased by 1550 tons to 68,625 tons, setting a low level since July 1990. If we consider the New York Mercantile Exchange (COMEX) and other exchanges such as Shanghai, the global copper stocks will be approximately 140,000 tons, up from the beginning of the year to approximately 800,000 tons. Speculators believe that strikes and low inventories are fundamental factors for the bullish. 4. Large institutions to promote Shanghai's copper stocks to strengthen Shanghai's copper spot prices fell rapidly today, the supply is relatively full relative to the previous period, mainly due to increased imports. The Chilean CCC rose 450, and the silver Belgian copper rose 300-350. In the afternoon, the copper market has been rumored that a long position in December is a major domestic institution. The current news is that the large institutional reserve quota has been approved by the exchange. This may be The reason why the Shanghai copper market is stronger today. 5. Increased production of “distant water” is difficult to understand. “Thirsty” is tight with tight spot prices Copper prices started to rise again. At the same time, with the recovery of smelting costs, there has been a trend of increasing production throughout the world. However, due to the fact that the stocks of the three major exchanges have remained at a very low level recently, so that the impact of supply improvement will not be effective in a short period of time, copper prices may therefore remain at a high level, and even do not rule out the possibility of further increase. After the delivery in November, December became the spot month, and its huge positions led to the exchange of monthly premium. Technical View: From a technical point of view, in addition to shocking investors, the price of copper punctured the 2860 line, and the callback of the fifth wave of the 4th wave has not been established. The technical charts have been greatly damaged. Starting from this point, it can basically be concluded that the bull market is over. Due to the large decline in the previous period, the 233-day moving average support, there will be oversold bounce. It is expected that the copper price of LME in March will first rebound to the high point of 0.618-0.666 strong target position of 2980, build a complex top, and then oscillate down again. Operation: From the sidelines. Or do more short-term under the premise of setting stop loss. Stop loss: 13-hour moving average. LME rebound resistance: 2980,3000. Shanghai CU0501 rebound resistance: 30,000. Once the rebound is weak, rallies capture the timing of the copper market's strategic short selling.

Utility Knife

utility knife,box cutter knife,retractable utility knife,best folding utility knife

Yucheng Shuangyan Hardware Plastic Factory , https://www.shuangyanhardware.com