Shanghai Pufa Futures: LME hits new highs, Shanghai copper and aluminum show strong

Today, Shanghai copper's main 0512 contract opened at 37,400, a high of 37,470, a low of 37,260 and a closing price of 37,300. The trading volume was 26,990 lots, and the holdings increased 284 lots.

As the copper price of LME hits a record high, Shanghai Copper opened higher and fell lower today, showing slight fluctuations. The main transaction range was between 37,300 and 37,350. As the Shanghai copper rose by RMB 1,750 in the previous period, yesterday's Shanghai copper retreated to 36,600. Today, Shanghai Copper once again showed a strong trend. In the morning, it opened a high of 510 yuan, and then finished lower. Judging from the trend of the Shanghai Copper Index, there is a continuous upward gap in the uptrend, indicating that Shanghai Copper is still in a strong position. At a high level, the trading volume and open interest are continuously shrinking, and the market's wait-and-see atmosphere is heavy.

The LME once again reached a new high, and the price trend formed a relatively steep upward channel. Given the current fundamentals, it is unlikely that prices will fall sharply. LME's price trend will remain strong.

Operational advice, be cautious.

Shanghai Aluminum has risen for two consecutive days. The spot price announced by Chinalco today is RMB 17,150/t. Shanghai Aluminum maintains bullish thinking.

Pufa Futures Zhu Yifan