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On Tuesday, the main 2108 contract of Shanghai copper continued to fall under pressure, with the highest 68820 yuan / ton and the lowest 67720 yuan / ton within the day, and the closing price of 68150 yuan / ton, down 0.
70% from the closing price of the previous trading day; LME copper rebounded, as of 15:00 Beijing time, 3-month London copper was reported at $9350 / ton, down 0.
47%
on the day.
Market focus: (1) The UK added 22,868 new coronary pneumonia cases on June 28, the largest one-day increase since the end of January, and increased by more than 10,000 cases for eight consecutive days, with 3 new deaths
.
(2) The president of the Richmond Fed said that if the data is suitable, he may consider raising interest rates
as early as 2022.
(3) According to my nonferrous metal network, on June 28, the spot inventory of electrolytic copper in the Chinese market was 235,100 tons, down 08,500 tons from last Thursday and 26,200 tons
from last Monday.
Spot analysis: On June 29, spot 1# electrolytic copper was quoted at 67920-68370 yuan / ton, the average price was 68145 yuan / ton, and the daily price was 155 yuan / ton
.
Downstream demand is weak, traders are less active, and the trading atmosphere is becoming more cold
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts was 100836 tons during the day, a daily decrease of 273 tons, and a decrease of 10 consecutive days; On June 28, LME copper stocks were 210925 tonnes, down 50 tonnes
per day.
Main position: Shanghai copper main 2108 contract top 20 long position 72842, +10, short position 73662, +254, net position -820, -244, long and short increase, net short increase
.
Market research and judgment: upstream domestic copper mine inventories continue to grow, copper ore processing fee TC steadily rebounded, indicating that the tension of copper mines has improved
.
However, the recent increase in refinery maintenance and the close import window have led to a decline
in copper production and imports.
At present, downstream demand is not performing well, mostly bargaining on demand, and the demand off-season is gradually approaching, the decline in domestic inventories has slowed down, while overseas inventories have increased sharply, and copper prices have been weakly adjusted
.
Technically, the Shanghai copper 2108 contract maintained a
downward channel.
