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On Wednesday, the main 2109 contract of Shanghai copper fluctuated and sorted, with the highest 72410 yuan / ton and the lowest 71690 yuan / ton during the day, and the closing price was 71850 yuan / ton, down 0.
22% from the closing price of the previous trading day; LME copper fluctuated to the downside, as of 15:00 Beijing time, 3-month London copper was reported at $9744 / ton, down 0.
46%
on the day.
Market focus: (1) U.
S.
home prices once again hit the largest increase in more than 30 years, refreshing the historical record set in April, and the surge in house prices made buyers less willing to buy new homes
.
(2) IMF: It is predicted that China's economic growth rate is expected to reach 8.
1% this year and 5.
7%
next year, respectively.
(3) MMG's copper production guidance in 2021 is 310,000 tons, with an upper limit of 20,000 tons
.
Spot analysis: SMM spot 1# electrolytic copper quotation 72160-72580 yuan / ton, the average price is 72370 yuan / ton, down 295 yuan / ton
daily.
Holders quoted relatively firmly, traders received goods at a low price, supply and demand shrank, the overall trading volume was limited, and the trading was relatively quiet
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 48,939 tons, a daily decrease of 426 tons, and a decrease of 31 consecutive days; LME copper stocks were 230225 tonnes, an increase of 5,000 tonnes
per day.
Main position: Shanghai copper main 2109 contract top 20 long positions 78633, +1481, short positions 86187, +898, net short positions 7554, -583, long and short increase, net short reduction
.
Market research: U.
S.
house prices once again hit the largest increase in more than 30 years, refreshing the all-time record set in April, and the surge in house prices made buyers less willing to buy new homes
.
This week's focus is on Powell's speech at the Fed's interest rate meeting, which may further guide the direction of the market, and market caution has increased
.
Fundamentals, the second batch of domestic reserves landed, the quantity was lower than market expectations, and the market mentality stabilized
.
The supply of upstream raw materials gradually recovered, and TC prices continued to rise
.
However, recently, the domestic smelting industry has been disrupted again, and a smelter in Shandong Province has unexpectedly stopped production due to an accident in the middle of the month, and the peak electricity consumption in summer has increased the interference of the operation of the smelting industry
.
Downstream demand gradually picked up, the social treasury continued to decline, and exchange inventories fell to a historical low, which strongly supported copper prices
.
In the short term, there is still room for Shanghai copper to rise
.
