Daily Report 200217

Copper
Last week copper market rushed high and rolled back. Copper price reached $6204 then difficult to maintain; closed with drop of 1.93%. LME inventory last week dropped 7650 tons to 229000 tons. LME actuals discount narrowed $7.252 to discount $15. Technically, after copper price broke former fluctuation range, there is still space for rally. If roll back happens, can choose opportunity to buy.
 
PP
Last week PP futures market rushed high and rolled back. Upstream side, till Friday night, Korea FOB average price is $1000.5/ton. Intraday main quoted prices for wires of north China, east China and south China markets are RMB 8800-9100/ton, RMB 8900-9050/ton and RMB8950-9050/ton, respectively. Now average line system is long tendency. MACD green column lengthened, which is roll back tendency. Focus on 60-days average line.
 
Nickel
Last week Nickel market was strong. Nickel price continued rally tendency. Last Friday LME inventory decreased 606 tons to 379000 tons. LME actuals discount narrowed $2 to discount $56.25. Technically, Nickel price broke all the stress of average lines. Short-term rally tendency is expected to continue. Recommend long positon.
 
Soybean
Domestically, DCE soybean last week overall trend was weak. Actuals market can’t bolster Futures market. Actuals side, domestic soybean market price went stably upward. North district price increased a lot. Price of all districts normally increased RMB 40-60/ton to RMB 3900-4000/ton. Domestic soybean meal actuals price last week slightly decreased. Oil plant quotation dropped to RMB 3150-3200/ton. As for operation, recommend long position with bolster of 4150. Reduce soybean meal long position at high point.
                                                                                              Dong LV (Investment Certificate NO. TZ008452)