Market transactions are becoming lighter and lighter, and the main force of Shanghai copper rushes back down

Market focus: (1) The signing ceremony of the first phase of the Sino-US economic and trade agreement will be held
at the White House at 11 a.
m.
local time on Wednesday.
(2) Global refined copper production edged up in December 2019, rising to an average of 88.
9 in December, up 0.
3 points from the previous month, according to micro-monitoring data from the same plant, although smelting activity hit a new low
for the year in the second half of December.

Spot analysis: On January 15, spot 1# electrolytic copper was quoted at 48980-49120 yuan / ton, with an average price of 49050 yuan / ton, a daily increase of 60 yuan / ton
.
Although the morning market is active in inquiry, but the transaction is difficult, the holder continues to lower the quotation to strive for the transaction, the end of the delivery, approaching the Spring Festival, processing enterprises gradually on holiday, trading enterprises clear inventory settlement, the market will face the transaction day by day light, tomorrow market quotation will be based on the intraday quotation level and further expand the discount
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 71,096 tons on Wednesday, an increase of 3,593 tons per day; On January 14, LME copper stocks were 128,100 tons, down 1,900 tons per day, and fell for 35 consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2003 contract are 96595 lots, a daily decrease of 1126 lots, short positions are 101178 lots, a daily increase of 1505 lots, a net short position of 4583 lots, a daily increase of 2631 lots, a long reduction of short increases, and a net short increase
.

Market research and judgment: On January 15, the main force of Shanghai copper in 2003 rushed back down
.
China and the United States are about to sign the first phase of the trade agreement, and the United States abandons the listing of China as a currency manipulator, easing market concerns about the trade situation, while the optimism of the global economic outlook has recovered, supporting copper prices, but China's copper mine imports have increased sharply year-on-year, copper mine supply is abundant, and the recent appreciation of the renminbi, copper import profit window opened slightly, Shanghai copper inventories have rebounded sharply, and copper imports in December have increased sharply year-on-year, which is not conducive to inventory dematerialization, and copper prices have come under pressure
。 In terms of spot, although the morning market is active in inquiry, but the transaction is difficult, the holders continue to lower the quotation to strive for the transaction, the end of the delivery, approaching the Spring Festival, processing enterprises gradually take a holiday, trading enterprises clear inventory settlement, the market will face the transaction is becoming lighter
and lighter.
Technically, the Shanghai copper main 2003 contract is longer and the upper shadow, the mainstream bulls reduce their positions more, and the short-term shock is expected to be weak
.