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On Wednesday, the main 2009 contract of Shanghai copper opened high and fluctuated, with the highest 52,830 yuan / ton and the lowest 52,000 yuan / ton during the day, and the closing price was 52,410 yuan / ton, up 1.
04% from the closing price of the previous trading day; In the external market, LME copper encountered obstacles to the upside, as of 15:40 Beijing time, the three-month London copper was reported at 6518.
5 US dollars / ton, down 0.
68%
on the day.
Market focus: (1) The EU is ready to set up a recovery fund totaling 750 billion euros, of which 390 billion euros will be used as non-reimbursable allocations and another 360 billion euros as loans
.
(2) The United States asked China to close the consulate general in Houston and give China only 3 days to evacuate
.
(3) Peruvian protesters attacked the Las Bambas mining group's convoy and set fire to part of the convoy, which was intercepted, stoned throwed, and burned in two of the vehicles while in a mining area
.
Spot analysis: On July 22, spot 1# electrolytic copper was quoted at 52500-52700 yuan / ton, with an average price of 52600 yuan / ton, a daily increase of 660 yuan / ton
.
Copper prices have risen for two consecutive days has exceeded 1,000, copper prices are high, the outflow of goods continues to increase, the downstream returns to the state of waiting and seeing, the intraday market transaction is still mostly long-order traders, but under the strong market, its target psychological price may be lower, sellers are more considering high rapid cash
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,615 tons on Wednesday, a daily decrease of 956 tons; On July 21, LME copper stocks were 146,300 tons, a daily decrease of 4,775 tons, a 25-day
decline.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts are 77208 lots, a daily increase of 2498 lots, short positions are 80192 lots, a daily increase of 5854 lots, a net short position of 2984 lots, a daily increase of 3356 lots, long and short increases, and net space increases
.
Market research and judgment: Shanghai copper 2009 opened high on July 22
.
The epidemic in the United States continues to spread, and the tension between China and the United States continues to ferment, which has raised market concerns; And the recent price increase, the downstream fear of heights is stronger, the low level of Shanghai copper inventory rebounded, coupled with the further expansion of the refined waste price difference, the substitution effect of scrap copper began to appear, putting pressure
on copper prices.
However, global stimulus continues, and the EU has reached an agreement on a 750 billion euro stimulus package; And the supply of upstream copper mines is tightening, copper processing fees TC is lowered again, coupled with the weak price of sulfuric acid, domestic copper smelting production will continue to be suppressed, which has strong support for copper prices
.
In terms of spot, the outflow of goods continued to increase, and the downstream returned to the state
of waiting and seeing.
Technically, the Shanghai copper 2009 contract daily MACD gold cross signs, focus on the 10-day moving average support
.
Operationally, it is recommended that the Shanghai Copper 2009 contract wait and see
for the time being.
