Check the latest market conditions. Sina Finance News - On Friday, the domestic futures market rose as a whole. The prices of gold, petrochemical varieties such as methanol, plastic, PTA, and PVC all increased, with methanol returning to its previous high point again. Strong wheat, which has been strong recently, attacked again with increased volume. Shanghai copper slightly increased by 1.46% due to the influence of the external market rise.
This morning, New York crude oil futures slightly increased, breaking through $110 during the session, which stimulated the rise of domestic petrochemical varieties. London copper, after a sharp decline in the Asian session, continued to rise in the evening. The US employment data and the progress of the Greek aid plan both became reasons for the rise. London copper closed at $8628/ton, with a daily increase of 1.21%.
Regarding methanol, Beijing Mid-term believes that the promotion of methanol fuel by MIIT has boosted the methanol market price, but currently, there is no substantial improvement in downstream demand, which limits the continuous rise of methanol. Iran methanol has been dumping in large quantities in the Chinese market recently, with about 300,000 tons arriving in mid-March. Cheap imported methanol will severely suppress the domestic methanol price rise space. It is expected that short-term methanol futures prices still have a small room for further increase.
In terms of non-ferrous metals, analysts from Shouchuang Futures believe that the impact of indicators on Friday was relatively limited. Short-term domestic copper inventory digestion speed was slow this week, and even slightly increased, which may drag down the efficiency of testing the resistance level for both domestic and foreign copper prices. However, the possibility of copper prices oscillating upwards in March is quite large. The main force of Shanghai copper slightly touched the 30-day moving average yesterday. We believe that the buying price above 60,000 is more suitable. Operationally, continue with a bullish strategy.
Regarding soybean products, analysts from Yide Futures said that soybean meal remains strong, but will face a slight correction in the short term because the futures price has entered the strong resistance zone of 3150-3170. Pay attention to the support line around 3080. Strategically, the bullish trend of soybean oils remains unchanged. Operationally, soybean oils can be temporarily observed or shorted within the day, waiting for the market to stabilize before entering long positions.
Strong Wheat:
Today, wheat opened higher and continued to rise, reaching up to 2677 yuan/ton, with positions reaching a new high. By the close, the spread between the September 2012 strong wheat contract and the September 2012 corn contract was 258 yuan. Currently, the domestic wheat fundamental situation remains quiet, with spot prices stable. Speculative funds have intervened continuously lifting the strong wheat futures. Investors avoiding high chasing should pay attention to the corn-wheat ratio and the pressure around 2730. Long positions can appropriately take profits at higher levels.
Methanol:
The recent volume-driven attack on methanol has basically established a support level around 2920. The current price is approaching 2980, with the potential to break through 3000 anytime soon. Note the East China port inventory numbers reflecting the delivery location inventory situation, which broke through the 400,000 and 500,000 integer levels starting from February, currently reaching 550,000 tons. Therefore, we believe that after methanol impacts the 3000 mark, it will cause a certain degree of sell-off pressure from hedging orders, resulting in a retracement.
Non-ferrous Metals:
LME aluminum prices remain strong, with a high probability of continuing to oscillate upwards. Domestic aluminum prices should still be treated with an oscillation mindset, with a fluctuation range of 16,000-16,500 yuan/ton, and can be operated with a slight bullish bias in the short term. In the short term, treat with an oscillation-biased bullish mindset, paying attention to the effectiveness of the support at the five-day moving average of 15,800 yuan. Under the boost of improving macroeconomic conditions, zinc prices are expected to continue the rebound. After a significant adjustment this week, the rhythm of lead price rebound may change, and it is expected to enter a volatile stage in the short term. Operationally, focus on short-term trading.
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