Daily Report 040117
Domestically, DCE soybean No.1 contract was weak. Contract 1701 still waits for the final delivery. Soybean meal futures market fluctuated, tendency slowed down before Spring Festival. Actuals side, last week Northeast district soybean market tendency keeps stable. Main product area filter grain purchasing price is RMB 3800-3900/ton. Soybean meal actuals price dropped RMB 70-100/ton. Coastal oil plant quotation is normally RMB 3330-3420/ton. As for operation, soybean No.1 contract lower than 4200 is cost area, can consider for long.
Tuesday copper market rolled back after rally. Copper price rushed to high point of 5-weeks average line then can’t maintain, and closed with drop of 0.63%. The maintain reason is stress from stronger US dollar. LME inventory yesterday decreased 10400 tons to 312000 tons. LME actuals discount narrowed USD1 to discount USD 13.5, which shows weak actuals market. Technically, recently copper price is near average line intensive area, and temporarily wait for market clear.
Tuesday Nickel market was weak. Nickel price reached 5-days average line but dropped, and the lowest price is USD 9910, which is lowest since 2016 Sep 19. The main reason is the stress from stronger US dollar. LME inventory yesterday increased 786 tons to 372000 tons. LME actuals discount yesterday narrowed USD 0.6 to USD 55.5. Technically, yesterday dropped with broken positon, and focus on the possibility of adjustment. Short position should consider limit win.                                                                                       
                                                                    Dong LV (Investment Certificate NO. TZ008452)