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On Tuesday, the main 2009 contract of Shanghai copper fell back, with the highest 52250 yuan / ton and the lowest 51280 yuan / ton during the day, and the closing price was 51520 yuan / ton, down 0.
16% from the closing price of the previous trading day; In the external market, LME copper opened high and fell, as of 15:00 Beijing time, 3-month London copper was reported at 6442 US dollars / ton, up 0.
12%
on a daily basis.
Market focus: (1) White House economic director Kudlow said that the US economy has experienced a V-shaped recovery, and the US growth rate in the third and fourth quarters will reach 20%.
(2) China's imports of copper ore and its concentrate in June were about 1.
59 million tons, down 5.
8% month-on-month and up 8.
9%
year-on-year.
(3) Chile's Centinela copper mine management accepted a new salary agreement and the strike was avoided
.
Spot analysis: On July 28, spot 1# electrolytic copper was quoted at 51900-52080 yuan / ton, with an average price of 51990 yuan / ton, a daily increase of 270 yuan / ton
.
The market stopped and watched, the holders continued the previous day's quotation, the price trend remained unchanged, the transaction was still in a deadlock pattern, the transaction was slightly improved, the source of good copper was still tight, the transaction was general, the difference between brands was large, and the note factor led to serious differentiation of wet copper prices
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 59,792 tons on Tuesday, an increase of 1,174 tons per day; On July 27, LME copper stocks were 138025 tons, down 3,700 tons per day, down 29 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts were 75534 lots, a daily increase of 1623 lots, short positions were 75048 lots, a daily increase of 2413 lots, a net long position of 486 lots, a daily decrease of 790 lots, both long and short increased, and net long decreased
.
Market research and judgment: Shanghai copper 2009 rushed back down
on July 28.
The rising tensions between China and the United States, as the global epidemic continues to spread, has led to rising market concerns; At the same time, the current market is in the seasonal off-season, downstream demand performance is weak, coupled with the impact of South American copper mine production has been digested, so that copper prices lack upward momentum
.
However, the situation of global monetary easing continues, and the economy shows a recovery trend; In addition, the current supply of copper mines is still tight, copper ore processing fees TC is at a low level, coupled with the weak price of sulfuric acid, resulting in the suppression of domestic refined copper smelting production, the recent inventory in Shanghai and Lun has declined, and the support for copper prices still exists
.
In terms of spot, the price trend of holders remains unchanged, and the transaction is still in a deadlock
.
Technically, the Shanghai copper 2009 contract continued the convergence of the shock triangle, and the daily MACD green column increment is expected to adjust the short-term shock
.
In terms of operation, it is recommended to operate lightly in the range of 51000-52400 yuan / ton, and the stop loss is 200 yuan / ton
each.
