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On Thursday, the main 2005 contract of Shanghai copper fluctuated and pulled, with the highest 39320 yuan / ton in the day, the lowest 38800 yuan / ton, and the closing price of 38870 yuan / ton, down 1.
24% from the closing price of the previous trading day; In the external market, LME copper opened low, as of 15:00 Beijing time, 3-month London copper was reported at 4787.
5 US dollars / ton, down 1.
74%
on a daily basis.
Market focus: (1) The US $2 trillion stimulus bill was voted by the Senate; Germany's parliament approved a €1.
1 trillion bailout package to protect the economy; the French government passed 25 executive decrees
.
(2) Customs data show that China's scrap copper imports in January-February 2020 were 119,520 physical tons, compared with 241522 physical tons in the same period last year, a year-on-year drop of 50.
5%.
Spot analysis: On March 26, spot 1# electrolytic copper was quoted at 38900-39020 yuan / ton, with an average price of 38960 yuan / ton, a daily increase of 185 yuan / ton
.
Since last week, during the low volatility of copper prices, downstream buying has gradually increased, traders' inventories have shrunk, transaction activity has increased, the domestic epidemic continues to develop, the government actively promotes the resumption of work policy, the downstream start consumption of the future market is expected to further increase, and the recent import copper supply has not further increased, and the holders intend to push up the premium
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 232286 tons on Thursday, down 3,623 tons per day, down for 7 consecutive days; On March 25, LME copper stocks were 225175 tons, down 1,025 tons per day, falling for five consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2005 contracts are 71228 lots, a daily increase of 1796 lots, short positions are 75129 lots, daily decrease of 1753 lots, net short positions are 3901 lots, daily reduction of 3549 lots, more increase and short, net space decrease
.
Intraday Shanghai copper main force 2005 shock pullback
.
The spread of the global epidemic has intensified, 60 countries have declared a state of emergency, and the United States has more than 10,000 new cases for three consecutive days; The epidemic has caused the impact on the global supply chain, the shutdown of overseas enterprises has increased, the downstream demand outlook is pessimistic, and the pressure on copper prices in the medium and long term is still large
.
However, policies in many countries to cope with the economic impact of the epidemic have been continuously introduced, and a wave of monetary easing has been set off around the world; At the same time, China's copper scrap imports have fallen sharply, which may lead to a tightening of raw material supply; And China's epidemic prevention and control has achieved remarkable results, promoting the resumption of work and production of enterprises, which is conducive to the restoration of economic vitality and supports
copper prices.
In terms of spot, during the low volatility of copper prices since last week, downstream buying has gradually increased, traders' inventories have shrunk, transaction activity has increased, and holders intend to strengthen and push up the premium
.
Technically, the main 2005 contract daily MACD green column contraction of Shanghai copper, the increase of mainstream positions and the reduction of short, is expected to be strong in the short term
.
