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On Thursday, the main 2006 contract of Shanghai copper fluctuated and fell, with the highest 43250 yuan / ton and the lowest 42800 yuan / ton during the day, and the closing price was 42910 yuan / ton, down 0.
35% from the previous trading day's closing price; In the external market, LME copper fluctuated low, as of 15:00 Beijing time, 3-month London copper was reported at 5213 US dollars / ton, up 0.
02%
per day.
Market focus: (1) Fed Chairman Jerome Powell flatly rejected negative interest rates and called for more fiscal measures to save the economy
.
(2) Peru's copper production in March decreased by 26.
6% year-on-year to 154,020 tons
.
Spot analysis: On May 14, spot 1# electrolytic copper quotation 43100-43200 yuan / ton, the average price of 43150 yuan / ton, a daily increase of 70 yuan / ton
.
Market holders have no willingness to dump goods, there is little room for price reduction, and the trading activity of traders has decreased, but due to the obvious decline in absolute prices, some downstream market replenishment has been attracted to the market, and the enthusiasm for inquiry has increased, and intraday market transactions are dominated
by downstream buying.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,570 tons on Thursday, a daily decrease of 346 tons; On May 13, LME copper stocks were 227025 tons, down 2,725 tons per day, down for 14 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 77929 lots, minus 1422 lots per day, short positions are 80223 lots, daily minus 2037 lots, net short positions are 2294 lots, daily minus 615 lots, long and short are reduced, and net space is reduced
.
Shanghai copper fluctuated and fell
during the day.
Fed Chairman Jerome Powell refused to negative interest rates and once again reminded the economy that it is at risk, and market risk aversion boosted the dollar; And the overseas epidemic has affected export demand, and the weakening of external demand will lead to pressure on the demand outlook, and the pressure on copper prices will increase
.
However, the current copper mine supply performance is tight, the copper ore processing fee TC is still at a low level, and the profit compression has inhibited the output; At the same time, domestic economic activity is gradually recovering, which is conducive to further recovery in demand and supports
copper prices.
In terms of spot, market holders have no willingness to dump goods, traders have reduced their trading activity, and intraday market transactions are dominated
by downstream buying.
Technically, the main force of Shanghai copper reduced its position in 2006, and the mainstream bulls reduced their positions even more, and it is expected that the short-term shock will be weak
.
