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On Monday, the main 2106 contract of Shanghai copper operated in shock, with the highest 75290 yuan / ton and the lowest 74200 yuan / ton within the day, and the closing price of 74750 yuan / ton, up 0.
25% from the closing price of the previous trading day; LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper was reported at 10285.
5 US dollars / ton, up 0.
51%
on a daily basis.
Market focus: (1) US retail sales in April zero growth month-on-month, lower than expected 1%, core retail sales fell 0.
8% month-on-month, expected growth of 0.
3%.
(2) On May 14, China's copper mine port inventory was 543,000 tons, an increase of 62,000 tons from last week; China's copper mine processing fee TC was 34.
6 US dollars / dry ton, up 2.
6 US dollars / dry ton
from last week.
Spot analysis: On May 17, spot 1# electrolytic copper was quoted at 74400-74620 yuan / ton, with an average price of 74620 yuan / ton, down 240 yuan / ton
per day.
Cargo holders ship at high prices, downstream consumption is general, and traders are mainly
traded.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 170615 tons, an increase of 8,023 tons per day; On May 14, LME copper stocks were 121,250 tons, down 2,925 tons per day, down 19 consecutive days
.
As of the week ended May 14, the previous Shanghai copper inventory was reported at 229179 tons, a weekly increase of 20,706 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract were 83305 lots, with a daily increase of 838 lots, short positions of 93877 lots, a daily decrease of 4161 lots, a net short position of 10572 lots, a daily decrease of 4999 lots, more increase and short, and a decrease
in net space.
Market research and judgment: Shanghai copper 2106 oscillation operation
on May 17.
Upstream copper processing fees TC have stabilized, but they are still low, and Chilean copper mines are again at risk of strikes, and copper supply is still tight
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and smelting activity picked up in April; And domestic downstream demand is still weak, the operating rate of copper enterprises has declined year-on-year, domestic inventories have continued to grow, and copper prices have weakened
.
Technically, the mainstream position of the Shanghai copper 2106 contract increased and decreased, and the 5-day moving average turned downward, and it is expected that the short-term will fall into adjustment
.
