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On Tuesday, the main 2009 contract of Shanghai copper opened high, with the highest 51970 yuan / ton and the lowest 51380 yuan / ton within the day, and the closing price was 51540 yuan / ton, up 0.
96% 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 6458 US dollars / ton, down 0.
31%
on the day.
Market focus: (1) US President Trump requires TikTok to be sold to US companies by September 15, otherwise it will be forced to close
.
(2) According to the Washington Post, citing two people familiar with the matter, the Trump administration will consider possible unilateral actions
if a rescue agreement cannot be reached with Congress.
(3) Chile's national copper industry is restarting the Chuquicamata copper smelter, one of
the largest in the world, which closed in June.
Spot analysis: On August 4, spot 1# electrolytic copper was quoted at 51600-51800 yuan / ton, with an average price of 51700 yuan / ton, a daily increase of 740 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,383 tons on Tuesday, an increase of 1,729 tons per day; On August 3, LME copper stocks were 126675 tons, down 1,450 tons per day, down for 34 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts were 80583 lots, minus 1977 lots per day, short positions were 82161 lots, minus 1448 lots, net short positions were 1578 lots, daily increase of 529 lots, long and short were reduced, and net short increased
.
Market research and judgment: Shanghai copper 2009 opened high on
August 4.
Strong economic data from China, recovery in Europe and the United States, and monetary easing are conducive to boosting market confidence; At present, the tight supply of copper mines has eased slightly, but the shortage of raw materials still inhibits smelting production, and the support for copper prices still exists
.
However, the global epidemic continues to spread and the confrontation between China and the United States continues to escalate, and the economic outlook remains uncertain; At the same time, it is still in the off-season, downstream demand is weak, and copper prices are weak
.
Technically, the Shanghai copper 2009 contract daily KDJ indicator golden cross, the lower 50600 position support is stable, is expected to be strong short-term volatility
.
In operation, it is recommended to go long at a pullback around 51200 yuan / ton, and the stop loss is 50900 yuan / ton
.
