Daily Report 140417 2017-04-14
Domestically, DCE soybean continued rally tendency following overseas section. Northeast China soybean price is stable.
Soybean meal futures rallied. Actuals quotation increased RMB 10-20/ton. Coastal oil plant quotation is RMB 2930-2980/ton.
As for operation, Soybean No.1 meets bolster at RMB 3700-38750/ton. Recommend long positon. Overseas and domestic sections rallied; recommend long in short-term.
Macro Economy
On the domestic side, the insider said that China Banking Regulatory Commission recently issued a document requiring banks to self-check on the interbank deposit dependence and exposure to the same industry deposit into the same industry regulation pave the way, if the interbank deposit if the same industry debt will reduce the small and medium banks to obtain funds channels. From the perspective of supply and demand, the demand for the reduction of market financing costs will decline, from the business point of view, reduce the small and medium-sized bank financing channels, will reduce the scale of the banking table and off-balance sheet, the big line will have to invest funds in bond assets. However, from Thursday's market situation, the interbank deposit rate is still rising, while banks in the issuance of mortgage loans 883 billion yuan on the basis of carried out 110 billion yuan reverse repurchase operations, but the day there are 40 billion back purchase and 21.7 billion MLF expires, the central bank operation slightly less than sincerity, so the domestic monetary environment is still bad. In addition, in March, China's exports were US $ 180.69 billion, while the value was -1.30%; imports were US $ 156.684 billion, up 20.30% year on year and the previous value was 38.10%. The trade surplus was US $ 23.925 billion and the previous value was US $ 9.048 billion. Import and export are drastically red, which is the export growth rate hit a two-year high, completely dispelled the weak demand in February, the domestic demand for external demand are quite good.
Thursday copper market rallied with fluctuation, and resisted at 5-days average line. LME inventory yesterday decreased 1625 tons to 257000 tons. LME actuals discount enlarged $5.25 to discount $32. Overall, the worry about supply suspension is disappearing. Although now is consumption season, downstream doesn’t has obvious market. As for operation suggests fluctuation tendency. 
                                                                                    Dong LV (Investment Certificate NO. TZ008452)