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On Tuesday, the main 2012 contract of Shanghai copper opened low and fluctuated, with the highest 51710 yuan / ton and the lowest 51380 yuan / ton within the day, and the closing price was 51650 yuan / ton, down 0.
31% from the previous trading day's closing price; In the external market, LME copper recovered slightly, as of 15:00 Beijing time, 3-month London copper was reported at 6805 US dollars / ton, up 0.
44%
per day.
Market focus: (1) The bipartisan negotiations on the stimulus package continued on Monday, but with little success, and Pelosi and Mnuchin still failed to bridge their differences
on the new stimulus package.
(2) The cumulative number of confirmed cases of new coronary pneumonia in the United States exceeded 8.
95 million, and the number of hospitalizations in many places reached the peak
since the epidemic.
Spot analysis: On October 27, spot 1# electrolytic copper was quoted at 51490-51590 yuan / ton, with an average price of 51540 yuan / ton, down 380 yuan / ton
per day.
Yangtze River Nonferrous reported that the sentiment of receiving goods has warmed up, the downstream has entered the market at low prices, the source of low-priced goods has become a smooth exchange, and the overall trading situation has improved
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 64,267 tons on Tuesday, an increase of 323 tons per day; On October 26, LME copper stocks were 178725 tons, down 1,575 tons per day, falling for six consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 76457 lots, minus 47 lots per day, short positions were 68766 lots, daily increase of 747 lots, net long positions were 7691 lots, daily decrease of 794 lots, more short increases, net more decreases
.
Market research and judgment: Shanghai copper 2012 opened low on October 27
.
European and American countries gradually entered the winter, the new crown epidemic broke out again, coupled with the difficult birth of the US stimulus package, the market risk aversion heated up, and the US dollar index recovered; At the same time, the domestic copper ore processing fee TC continued to rise slightly, the tight supply of copper ore showed signs of easing, and the smelter copper mine stock was positive, and it is expected that the refined copper production will gradually increase, and copper prices are facing greater pressure
.
However, the domestic economy remained stable and improving, and demand was still expected to pick up in the fourth quarter, coupled with the recent slight decline in copper inventories, which partially supported
copper prices.
Technically, the mainstream positions of the Shanghai Copper 2012 contract are mostly reduced and increased, and the short atmosphere is heavier, and it is expected to fluctuate
at a short-term low.
