Mainstream bulls sharply reduced their positions in the Shanghai copper market after the low adjustment

On January 23, LME copper continued to decline, as of 15:00 Beijing time, 3-month London copper was reported at $6,083 / ton, down 0.
36%
per day.
The main 2003 contract of Shanghai copper opened low and continued to fall, with the highest 48380 yuan / ton and the lowest 47960 yuan / ton within the day, and the closing price of 48020 yuan / ton, down 1.
07% from the closing price of the previous trading day; The trading volume was 58176 lots, an increase of 1198 lots per day; The position was 114,700 lots, a daily decrease of 6,824 lots
.

Market focus: (1) As of 14:00 on January 23, a total of 616 confirmed cases of new coronavirus infection have been reported nationwide, 28 cases have been cured, and 17 cases have died
.
The passage leaving Wuhan is temporarily closed
.
(2) UK January CBI industrial price expectation difference 2, previous value 6, expected 5
.

Spot analysis: On January 23, spot 1# electrolytic copper quotation was 47980-48060 yuan / ton, the average price was 48020 yuan / ton, down 230 yuan / ton
daily.
The market has completely entered the Spring Festival atmosphere, trading is cold, supply and demand pattern is prominent, only a few traders are quoting, the afternoon market officially entered the Spring Festival holiday, the return after the holiday has almost entered the February trading, delivery will follow
.

Warehouse receipt stocks: LME copper stocks were 195375 tonnes on Jan.
22, up 32,450 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2003 contract were 82166 lots, minus 4856 lots per day, short positions were 86018 lots, daily minus 4456 lots, net short positions were 3852 lots, a daily increase of 400 lots, long and short were reduced, and net space increased
.

On January 22, the main force of Shanghai copper opened low in 2003 and continued to fall
.
British CBI data show that manufacturers' optimism has risen, the probability of the Bank of England cutting interest rates has fallen below 50%, the pound has risen to put pressure on the dollar, while copper mine TC prices are still at a low level, and copper production has also maintained a high growth rate, supporting copper prices, but the spread of China's pneumonia epidemic, market risk aversion has increased, if the subsequent epidemic cannot be effectively controlled, it will affect the start of production and demand vitality after the year, coupled with the recovery of global copper inventory, copper price performance is under pressure
。 In terms of spot, the market has completely entered the Spring Festival atmosphere, trading is cold, supply and demand pattern is prominent, only a few traders are quoting, and the market officially entered the Spring Festival holiday in
the afternoon.
Technically, the mainstream bulls of the main 2003 contract of Shanghai copper have significantly reduced their positions, paying attention to the support of the 47600 position below, and it is expected that the market will adjust
at a low level.