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On Wednesday, the main 2009 contract of Shanghai copper fell and fluctuated, with the highest 50,690 yuan / ton and the lowest 49,500 yuan / ton within the day, and the closing price of 49,870 yuan / ton, down 0.
93% from the closing price of the previous trading day; In the external market, LME copper rebounded, as of 15:00 Beijing time, 3-month London copper was reported at 6310 US dollars / ton, down 1.
48%
on the day.
Market Focus: (1) U.
S.
President Donald Trump tweeted that senior Democratic lawmakers want to meet with him to discuss
economic relief measures related to the coronavirus response.
(2) The yield on the 10-year Treasury note posted its highest gain since June, rising 0.
648%.
(3) The Peruvian community road closure was resolved, after the Las Bambas and Antacappay mines were affected and forced to declare force majeure
.
Spot analysis: On August 12, the spot 1# electrolytic copper quotation was 49980-50120 yuan / ton, the average price was 50050 yuan / ton, and the daily decline was 750 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,407 tons on Wednesday, a daily increase of 357 tons; On 11 August, LME copper stocks stood at 114625 tonnes, or 250 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts were 77489 lots, minus 2645 lots per day, short positions were 74166 lots, daily minus 3410 lots, net long positions were 3323 lots, daily increase of 765 lots, long and short were reduced, net long and long increased
.
Market research and judgment: On August 12, Shanghai copper 2009 fell and fluctuated
.
The confrontation between China and the United States has intensified, and the tension between the two countries has further deteriorated; At the same time, the US stimulus policy is still lacking progress, US bond yields have risen, and market concerns have risen; At the same time, the current market is in the off-season, downstream demand is weak, and the recent accumulation of Shanghai copper inventories has increased the pressure on copper prices
.
However, China's economic data performed strongly, indicating that the overall economy is stable and improving, and there is an expectation of recovery in demand in the future; At the same time, the current domestic copper mine procurement demand is high, and the supply of raw materials remains tight, which partially supports
copper prices.
Technically, the mainstream short position reduction of the Shanghai copper 2009 contract is large, focusing on the resistance at the 50600 position, and it is expected that the short-term shock adjustment
.
In terms of operation, it is recommended to operate in the range of 49500-50600 yuan / ton, and the stop loss is 200 yuan / ton
each.
