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On Wednesday, the main 2006 contract of Shanghai copper opened low and rebounded, with the highest of 42,780 yuan / ton, the lowest of 42,310 yuan / ton, and the closing price of 42,720 yuan / ton, down 0.
51%
from the closing price of the previous trading day.
In the external market, LME copper continued to recover, as of 15:00 Beijing time, the three-month London copper was reported at 5216 US dollars / ton, up 0.
77%
per day.
Market Focus: (1) Some U.
S.
states and many countries around the world may reopen their markets
.
The US services PMI fell to 41.
8 in April from 52.
5 in March, but was higher than the market estimate of 36.
8
.
(2) Glencore's Mopani copper mine in Zambia has temporarily resumed operations for a period of 90 days
.
(3) Peru Amplitude plans to gradually ease restrictions
on the mining sector in May.
Spot analysis: On May 6, spot 1# electrolytic copper was quoted at 42750-42900 yuan / ton, with an average price of 42825 yuan / ton, down 195 yuan / ton
per day.
After returning after the holiday, Guangdong electrolytic copper inventory increased slightly, in line with market expectations; Stimulated by the decline in the price of electrolytic copper, intraday holders generally shipped at a high price, but there were not many receivers, on the one hand, the terminal downstream is still digesting inventory, on the other hand, traders are cautious about high premiums and are unwilling to receive more goods
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 80,860 tons on Monday, a daily decrease of 5,951 tons, a drop of 32 consecutive days; On May 5, LME copper stocks were 245,350 tons, down 6,075 tons per day, down for 10 consecutive days
.
As of the week ended April 30, the Shanghai copper inventory in the previous period was reported 230956 tons, a weekly decrease of 28,081 tons, a decline of seven consecutive weeks
.
Main positions: the top 20 long positions of Shanghai copper main 2006 contracts were 74291 lots, minus 21 lots per day, 81742 short positions were held daily, 891 lots were minus 891 lots, net short positions were 7451 lots, daily minus 870 lots, long and short were reduced, and net space was reduced
.
The global epidemic situation has improved, many countries have relaxed epidemic prevention measures, and optimism about restarting the economy has been released; And the price of upstream copper mine TC fell to a low level, resulting in an increase in smelting costs, while South American copper mine production is expected to gradually recover, but the tight supply of copper ore will continue in the short term; In addition, downstream demand has improved, processing enterprises have started to repair continuously, and domestic Shanghai copper stocks have continued to deteriorate
.
However, overseas affected by the epidemic, export orders have declined, causing some restrictions
on the rebound of copper prices.
In terms of spot, intraday holders generally ship at a high price, but there are not many receivers, the terminal downstream is still digesting inventory, traders are cautious about high premiums, and are unwilling to receive more goods
.
Technically, the mainstream short position reduction of the main 2006 contract of Shanghai copper is large, focusing on the 20-day moving average support
.
