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On Wednesday, the main 2101 contract of Shanghai copper fluctuated widely, with the highest 57810 yuan / ton and the lowest 56850 yuan / ton within the day, and the closing price of 57200 yuan / ton, up 0.
28% from the closing price of the previous trading day; In the external market, LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper was reported at 7671.
5 US dollars / ton, down 0.
37%
on the day.
Market focus: (1) Some members of the US Senate from both parties proposed a $908 billion economic stimulus package, but there is still high uncertainty
about whether it can be passed.
(2) According to the latest OECD report, the global economy is forecast to grow by 4.
2% in 2021, down from 5% expected in September, and 3.
7% in 2022, down from 4%
expected in September.
Spot analysis: On December 2, spot 1# electrolytic copper was quoted at 57180-57320 yuan / ton, with an average price of 57250 yuan / ton, down 90 yuan / ton
per day.
Traders are cautious in trading, fearing heights is strong, and downstream just needs to consume
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 30,229 tons on Wednesday, a daily decrease of 601 tons; On 1 December, LME copper stocks stood at 149925 tonnes, up 125 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2101 contract were 81085 lots, minus 3209 lots, short positions were 87041 lots, daily minus 1557 lots, net short positions were 5956 lots, daily increase of 1652 lots, long and short were reduced, and net short increased
.
Market research and judgment: Shanghai copper 2101 wide range volatility on December 2
.
The US dollar index continued to be weak as the market expected a new stimulus package to
be launched amid the continued troubled epidemic in the United States.
The supply of upstream copper mines remained tight, copper ore processing fees TC remained low, and smelter production costs were high; The recent improvement in downstream demand in the copper market has driven the continuous deteriorating of inventories, and the current Shanghai copper inventory has reached a low level in nearly six years, which has strong support for copper prices
.
However, the OECD unexpectedly lowered its economic outlook and risk sentiment cooled; Coupled with the recent rise in copper prices, downstream procurement fear of heights has increased, and the upward trend of copper prices may slow down
.
Technically, the Shanghai copper 2101 contract reduced its position to close the doji, and the mainstream long position reduction was large, and it is expected that the short-term high adjustment
.
