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On Wednesday, the main 2106 contract of Shanghai copper opened low and went low, with the highest 72380 yuan / ton and the lowest 71060 yuan / ton during the day, and the closing price was 71340 yuan / ton, down 1.
57% from the previous trading day's closing price; LME copper fell under pressure, as of 15:00 Beijing time, 3-month London copper was reported at 9756.
5 US dollars / ton, down 1.
24%
on a daily basis.
Market focus: (1) On Tuesday, the US 10-year breakeven inflation rate stood at 2.
4%, the first level
seen since April 2013.
Meanwhile, U.
S.
Treasury yields rose across the board, with the benchmark 10-year yield climbing as much as 6 basis points to 1.
63%.
(2) As the U.
S.
economy recovers strongly from the coronavirus pandemic, the Fed is on track to begin cutting asset purchases of up to $120 billion a month by the end of the year
, according to economists surveyed.
(3) Japan's refined copper imports after customs clearance in March totaled 66,885.
27 tons, an increase of 11%
year-on-year.
Spot analysis: On April 28, the spot 1# electrolytic copper quotation was 70820-71070 yuan / ton, the average price was 70945 yuan / ton, down 920 yuan / ton
per day.
Traders inquired positively, and the downstream bargain price replenished a small amount, and the transaction improved
slightly.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 130,160 tons on Wednesday, a daily increase of 2,419 tons, an increase of 5 consecutive days; On April 27, LME copper stocks were 154,600 tons, down 500 tons per day, down for 9 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract were 98082 lots, minus 6976 lots per day, short positions were 116267 lots, daily minus 6067 lots, net short positions were 18185 lots, a daily increase of 909 lots, long and short were reduced, and net space increased
.
Market research and judgment: Shanghai copper 2106 opened low and went
low on April 28.
The US dollar index has recovered due to the recent rise in US inflation and US bond yields.
However, the world's major economies are expected to maintain their recovery momentum, and the economic outlook remains positive
.
Upstream domestic copper mine inventories have rebounded slightly, copper mine TC has also stabilized, superimposed copper mine new capacity is expected to be put on one after another, copper mine supply is expected to improve, but short-term smelters are still facing high cost pressure
.
Recently, domestic copper inventories have increased slightly, downstream demand performance is still flat, and there is still resistance
above copper prices.
Technically, the Shanghai copper 2106 contract reduced its position, and the mainstream long position reduction was large, and it is expected to adjust the short-term high
.
