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On Monday, the main 2103 contract of Shanghai copper rebounded, with the highest 58350 yuan / ton during the day, the lowest 57280 yuan / ton, and the closing price of 57910 yuan / ton, up 0.
63% from the closing price of the previous trading day; LME copper recovered slightly, as of 15:00 Beijing time, 3-month London copper was reported at $7855/ton, up 0.
53%
per day.
Market focus: (1) The EU accused British vaccine manufacturer AstraZeneca of preferring to supply to its own country, and then announced a strict plan to control the export
of new crown vaccines.
(2) As Democratic lawmakers prepare to advance President Biden's $1.
9 trillion coronavirus relief package legislation this week, 10 moderate Republican senators on Sunday urged Biden to sharply scale back the plan to win bipartisan support
.
(3) On January 29, China's copper concentrate port inventory was 579,000 tons, a weekly decrease of 19,000 tons; China's copper ore processing fee TC was 43.
2 US dollars / dry ton, a weekly decrease of 2.
1 US dollars / dry ton
.
(4) China's spot inventory of electrolytic copper on January 29 was 143,300 tons, down 08,700 tons
from January 25.
Spot analysis: On February 1, spot 1# electrolytic copper was quoted at 57650-58030 yuan / ton, with an average price of 57840 yuan / ton, down 330 yuan / ton
per day.
Changjiang Nonferrous Metal reported that holders are willing to hold prices, overall demand is limited, downstream consumption is weak, and transactions are not good
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 20,410 tons, an increase of 600 tons per day; On January 29, LME copper stocks were 74,575 tons, down 1,675 tons per day, and fell for 14 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2103 contract are 69766 lots, a daily increase of 301 lots, short positions are 76073 lots, a daily decrease of 1820 lots, a net short position of 6307 lots, a daily decrease of 2121 lots, more increase and short, a decrease
in net space.
Market research and judgment: Shanghai copper 2103 opened low and went
low on February 1.
Risk sentiment has been weighed down by setbacks in the US economic bailout bill, the ongoing global pandemic and slow vaccination progress, and China's weaker-than-expected PMI data for January
.
Domestic copper mine supply maintained a tight pattern, copper ore processing fees TC continued to be reduced, and copper smelting costs were high; However, the implementation of the new policy for scrap copper has greatly increased the import volume, and the price difference between refined waste has widened, and the substitution role will gradually increase; At the end of the year, downstream stocking is nearing its end, and the traditional off-season demand is gradually weakening, but inventories are at historic lows and there is limited
space below copper prices.
Technically, the Shanghai copper 2103 contract closed at the low level of the red cross, the mainstream position increased and shorted, and the short-term low is expected to stabilize
.
