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On Tuesday, the main 2010 contract of Shanghai copper fluctuated and fell, with the highest 51540 yuan / ton and the lowest 51030 yuan / ton within the day, and the closing price of 51130 yuan / ton, down 0.
80% from the previous trading day's closing price; In the external market, LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper was reported at 6507.
5 US dollars / ton, down 0.
15%
on the day.
Market focus: (1) US President Trump's administration agenda specifically lists the theme of "China", including withdrawing manufacturing from China and holding China responsible
for the new crown epidemic.
(2) ICSG data shows that in the first five months of this year, the global refined copper market was oversupplied by 1,000 tons, compared with a shortage of 270,000 tons
in the same period last year.
Spot analysis: On August 25, spot 1# electrolytic copper was quoted at 51330-51420 yuan / ton, with an average price of 51375 yuan / ton, a daily increase of 65 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 56,750 tons on Tuesday, a daily decrease of 583 tons; On August 24, LME copper stocks were 97,900 tonnes, down 5,575 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 78938 lots, a daily increase of 265 lots, short positions were 71321 lots, a daily decrease of 1493 lots, a net long position of 7617 lots, a daily increase of 1758 lots, more increase and a net increase
.
Market research and judgment: Shanghai copper 2010 volatility fell
on August 25.
US President Donald Trump's administration agenda is dedicated to China, indicating that there is a possibility of further deterioration of Sino-US tensions, and market concerns have risen; In addition, the current market is in the off-season, and the discount of copper scrap rods to copper prices has expanded, indicating that downstream demand performance is weak, and there is still resistance
above copper prices.
South American copper mine production and supply gradually recovered, Congo also exempted copper export ban, copper mine supply showed a recovery trend, but short-term copper processing fee TC low operation, crude copper arrival volume has also declined, raw material supply still tight; Coupled with the approaching gold nine silver ten, the market has expectations for demand improvement; and the significant dematerialization of London copper inventories, which supported copper prices
.
Technically, the Shanghai copper 2010 contract reduced its position, and long and short trading tended to be cautious, and it is expected to fluctuate
in the short-term range.
