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On Monday, the main 2107 contract of Shanghai copper continued to fall under pressure, with the highest 72950 yuan / ton during the day, the lowest 71010 yuan / ton, and the closing price of 71640 yuan / ton, down 0.
72% from the closing price of the previous trading day; The trading volume was 246429 lots, with a daily increase of 32416 lots; The position was 131903 lots, an increase of 5166 lots
per day.
basis - 270 yuan/ton; Shanghai copper 2106-2107 month price difference -200 yuan / ton
.
Market focus: (1) The United States has reached a bipartisan agreement on a transportation infrastructure bill that will increase funding by 34% to about $300 billion
over five years.
(2) The White House cut the original $2.
3 trillion infrastructure plan to $1.
7 trillion, but it was still much higher than the $568 billion
proposed by Republican lawmakers.
(3) On May 21, China's port copper concentrate inventory was 507,000 tons, down 36,000 tons from last week; China's copper ore processing fee was 35.
6 US dollars / dry ton, up 1 US dollar / dry ton
from last week.
Spot analysis: On May 24, spot 1# electrolytic copper was quoted at 71170-71570 yuan / ton, with an average price of 71370 yuan / ton, down 600 yuan / ton
per day.
Holders actively shipped, downstream bargain hunting, and transaction performance was
acceptable.
Warehouse receipt inventory: the total amount of Shanghai copper warehouse receipts on Monday was 160051 tons, a daily decrease of 3308 tons; On May 21, LME copper stocks stood at 126675 tonnes, up 9,375 tonnes
per day.
As of the week ended May 21, the previous Shanghai copper inventory was reported at 221124 tons, an increase of 8,055 tons
per week.
The main position, the top 20 long positions of Shanghai copper main 2107 contract were 84054 lots, a daily increase of 2654 lots, short positions were 79687 lots, a daily increase of 148 lots, a net long position of 4367 lots, a daily increase of 2506 lots, both long and short increases, and net long increased
.
Market research and judgment: On May 24, Shanghai copper 2107 continued to fall
under pressure.
The Fed minutes were less dovish than expected, but weak employment data hampered the dollar's rally; The National Council will focus on rising commodity prices, which will cool risk sentiment
.
Upstream copper processing fees TC have stabilized, and BHP Billiton and Glencore have proposed expansion plans, and copper supply is expected to gradually improve
.
At the same time, the rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; However, downstream domestic demand is still weak, the operating rate of copper enterprises has declined year-on-year, and domestic inventories have continued to grow, putting pressure
on copper prices.
Technically, the mainstream long position of the Shanghai copper 2107 contract increased significantly, focusing on the support of the 70,000 mark, and it is expected that the short-term wide adjustment
is expected.
In terms of operation, it is recommended to operate lightly in the range of 70,000-73,000 yuan / ton, and the stop loss is 800 yuan / ton
each.
