Daily Report 240317 2017-03-24
Thursday copper market continued meets bolster. Copper price narrowly fluctuated at high positon. LME inventory yesterday decreased 6875 tons to 317000 tons. LME actuals discount narrowed $0.5 to discount $27.5. Industry side, Escondida strike will end. Workers will back to work at Saturday. This strike has continued 43 days. Overall, considering copper market supply and need has turned good, and traditional consumption season comes, recommend buy at low positon.
Stock Index
Stock index fluctuated the whole day and was weak. Stock index dropped a lot in the morning, which is influenced by external stock index. What’s more, the possibility of A shares be subsumed by MSCI increased. As a result B shares and sub-new stock dropped. Afternoon Xinjiang and Xizang section rallied. Sub-new stock also increased.
DCE soybean continued weak tendency. Market short emotion still strong. Soybean meal actuals price dropped with RMB 10-30/ton. Oil plant quotation is RMB 3000-3080/ton. As for operation, Soybean No.1 contract was not stable after the expectation of national inventory auction; recommend observation. Soybean meal is difficult to rally; if price keeps stable at 2850, recommend long position.
                                                                                    Dong LV (Investment Certificate NO. TZ008452)