Daily Report 090217
Wednesday copper market fluctuated upward. Copper price reached November stress line again, then rolled back part profit. The main reason is supply worry of Escondida and Grasberg. LME inventory yesterday increased 1275 tons to 255000 tons. LME actuals discount enlarged $1.5 to discount $17. Technically, copper price rallied. Short term focus on copper price reached stress line since last November again. As for trading, seek long opportunity.
Wednesday Nickel market is still strong; opened low and went upward, then rolled back partial profit. LME inventory yesterday decreased 48 tons to 383000 tons. LME actuals yesterday decreased 48 tons to 383000 tons. LME actuals discount narrowed $3.25 to discount $52. Technically, Nickel price ended loss and rallied. Yesterday broke 10-days average line. The rally tendency will continue.
Domestically, DCE soybean night section is weak, since USDA report will release. After holiday DCE No.1 contract tendency is strong, because of production area high quality soybean supply decreased. Recent domestic soybean actuals market partially increased. Filtered grain price is RMB 3800-3900/ton. Soybean meal actuals price dropped RMB 20-30/ton. Oil plants quotation is normally RMB 3180-3250/ton. As for operation, recommend long position with bolster of 4150. Reduce soybean meal long position at high point.
Yesterday PP futures continued fluctuation at low positon; opened at 9201 and closed at 9209, and trading volume increased 67544 lots to 379000 lots. Holding volume decreased 14096 lots to 459000 lots. Actuals side, yesterday domestic PP market price narrowly fluctuated with RMB 30-50/ton. Intraday main quoted prices for wires of north China, east China and south China markets are RMB 8900-9000/ton, RMB 8950-9100/ton and RMB 9100-9400/ton, respectively. Now average line system is long tendency. MACD red column shortened. Price continued fluctuation and rolling back, and recommend observation.
                                                                                                                  Dong LV (Investment Certificate NO. TZ008452)