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On Tuesday, the main 2103 contract of Shanghai copper came under pressure, with the highest 59090 yuan / ton and the lowest 58400 yuan / ton within the day, and the closing price of 58470 yuan / ton, down 1.
05% from the closing price of the previous trading day; In the external market, LME copper fell sharply, as of 15:00 Beijing time, the three-month London copper was reported at 7907 US dollars / ton, down 1.
23%
on the day.
Market focus: (1) U.
S.
President Joe Biden said on Monday that he is open to adjusting the $1.
9 trillion stimulus package and hopes to gain bipartisan support
.
But the stimulus was previously questioned by bipartisan Senate panels and bipartisan leaders of a moderate House panel
.
(2) According to data on January 25, the cumulative number of confirmed cases of new coronavirus in the world exceeded 100 million, and the daily confirmed cases exceeded 480,000
.
Spot analysis: On January 26, the spot 1# electrolytic copper quotation was 58760-58920 yuan / ton, the average price was 58840 yuan / ton, down 230 yuan / ton
per day.
Changjiang Nonferrous Metal reported that the circulation supply is abundant, the demand performance is weakening, the enthusiasm of large households to receive goods is average, and the transaction activity is poor
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 20,760 tons on Tuesday, an increase of 649 tons per day; On January 25, LME copper stocks were 82,125 tons, down 5,600 tons per day, down for 10 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2103 contract are 71149 lots, minus 2364 lots per day, short positions are 80306 lots, daily increase of 824 lots, net short positions are 9157 lots, daily increase of 3188 lots, more short increases, net short increases
.
The US dollar index is rebound as a result of risk aversion as the new U.
S
.
relief plan may be postponed until March, while the global pandemic continues to spread and France is considering lockdown measures.
Domestic copper mine supply maintained a tight pattern, copper ore processing fees TC continued to be reduced, and copper smelting costs were high; However, the implementation of the new policy for scrap copper has greatly increased the import volume, and the price difference between refined waste has widened, and the substitution role will gradually increase; At the end of the year, the downstream market inventory willingness continued to decline in recent days, but there is still resistance
above copper prices as demand is expected to gradually fade in the off-season.
Technically, the mainstream position of the Shanghai copper 2103 contract increased and decreased more, focusing on the support of the 58000 position, and it is expected to fluctuate
in the short-term range.
