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On Wednesday, the main 2105 contract of Shanghai copper fluctuated short, with the highest 65930 yuan / ton and the lowest 65190 yuan / ton within the day, and the closing price of 65600 yuan / ton, down 0.
43% from the closing price of the previous trading day; LME copper fluctuated low, as of 15:00 Beijing time, 3-month London copper was reported at $8809 / ton, up 0.
67%
on a daily basis.
Market focus: (1) It is reported that the White House will unveil a $2.
25 trillion jobs and infrastructure plan on Wednesday, but it is difficult to pass the plan
.
(2) At 20:15 Beijing time on March 31, the number of ADP employment in the United States in March will be announced, and the market is expected to increase by 550,000 compared with 117,000
in the previous month.
Spot analysis: On March 31, spot 1# electrolytic copper was quoted at 65020-65300 yuan / ton, with an average price of 65160 yuan / ton, down 1000 yuan / ton
per day.
The supply of circulation is increasing, and the downstream is still dominated by rigid demand, and the activity is not high
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 115657 tons on Wednesday, an increase of 2,926 tons per day; On March 30, LME copper stocks stood at 142,550 tonnes, up 10,500 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2105 contract are 86787 lots, a daily increase of 220 lots, short positions are 92725 lots, daily minus 1875 lots, net short positions are 5938 lots, daily minus 2095 lots, more increase and short, net space decrease
.
Market research and judgment: Shanghai copper 2105 volatility on March 31 is bearish
.
US President Joe Biden is expected to announce a large-scale infrastructure plan, and the market expects the upcoming US non-farm payrolls data to rise sharply, and confidence in the US economic recovery has increased, which has extended the strength of the US dollar index
.
Upstream domestic copper mine inventories continued to decline, and processing fee TC continued to decline, resulting in smelter production difficulties; However, the risk of a copper strike in Chile has recently been lifted, the Peruvian Transport Association strike has ended, and copper mine supply is expected to gradually recover
.
Recently gradually entered the traditional consumption season, but downstream demand is still weak, domestic copper stocks have not yet entered the decline channel, copper prices are not
enough.
Technically, the Shanghai copper 2105 contract continues the triangle convergence, focusing on the 65000 mark support, and is expected to adjust the short-term range
.
