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LME copper rebounded on Tuesday, and as of 15:00 Beijing time, the three-month London copper was reported at $5,892 / ton, down 0.
08%
on the day.
The main 2008 contract of Shanghai copper opened high and fluctuated, with the highest 47870 yuan / ton and the lowest 47330 yuan / ton during the day, and the closing price was 47850 yuan / ton, up 0.
80%
from the closing price of the previous trading day.
Market focus: (1) The European Union on Monday asked China to fulfill its commitment to open its economy and warned that it would face "very negative consequences"
if China continued to implement the new security law against Hong Kong.
(2) Chile's national copper company will implement a new version of coronavirus measures at the EI Teniente mine, which has the largest copper reserves, in order to maintain the operation of the mine at a time when more and more workers are infected
.
Spot analysis: On June 23, spot 1# electrolytic copper quotation 47730-47970 yuan / ton, the average price of 47850 yuan / ton, down 50 yuan / ton
per day.
In the last two days before the holiday, the shipment of holders was concentrated, the market supply was abundant, the market consumption was weak, the activity of the trade market was difficult to increase, and the downstream did not have the willingness to replenish a large amount before the holiday, still maintaining rigid demand, and the performance of the holders took the initiative to lead the reduction of premium transactions
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 40,869 tons on Tuesday, a daily decrease of 1,402 tons, a decline of 5 consecutive days; On June 22, LME copper stocks were 233,400 tons, down 3,200 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 2008 contract are 72747 lots, with a daily increase of 3207 lots, short positions of 77450 lots, a daily increase of 3046 lots, a net short position of 4703 lots, a daily decrease of 161 lots, long and short increases, and net space decreases
.
On June 23, Shanghai copper 2008 opened high.
The global epidemic situation is still grim, and the number of new daily cases is rising, which suppresses market optimism; At the same time, the domestic market has entered the traditional off-season, and downstream demand has weakened in stages, putting pressure
on copper prices.
However, the tight supply of upstream copper mines has intensified, copper ore processing fees TC continue to be reduced, the cost increase smelter maintenance plan, the recent Shanghai inventory has shown a downward trend, copper price upward momentum is strong
.
In terms of spot, the last two days before the holiday holders concentrated shipments, the market supply was abundant, the market consumption was weak, and the downstream did not have the willingness to replenish a large amount before the holiday, still maintaining rigid demand
.
Technically, the mainstream long position of the Shanghai copper 2008 contract increased its position significantly, and it is expected to test the 48000 mark, and the short-term shock is expected to be strong
.
