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On Thursday, the main 2009 contract of Shanghai copper rushed back down, with the highest 51890 yuan / ton in the day, the lowest 51200 yuan / ton, and the closing price of 51400 yuan / ton, 0.
10% higher than the closing price of the previous trading day; In the external market, LME copper fluctuated down, as of 15:00 Beijing time, the three-month London copper was reported at 6466.
5 US dollars / ton, down 0.
30%
on the day.
Market focus: (1) The number of ADP employment in the United States in July was actually announced to be 167,000, the expected value was 1.
2 million, and the previous value was revised to 4.
314 million
.
(2) The Bank of England announced its latest interest rate decision: keep the benchmark interest rate unchanged at 0.
1%, and keep the total size of asset purchases unchanged at 745 billion pounds, in line with market expectations
.
(3) From May, Peruvian mining production has gradually recovered
.
In particular, in June, copper mine production was 180,800 tons, an increase of 40.
8%
month-on-month.
Spot analysis: On August 6, spot 1# electrolytic copper was quoted at 51350-51500 yuan / ton, with an average price of 51425 yuan / ton, a daily increase of 45 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,756 tons on Thursday, a daily decrease of 1,002 tons; On August 5, LME copper stocks were 122,450 tons, down 2,700 tons per day, and fell for 36 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts were 80632 lots, a daily increase of 472 lots, a daily increase of 84203 lots, a daily increase of 2017 lots, a net short position of 3571 lots, a daily increase of 1545 lots, long and short increases, and net space increases
.
Market research and judgment: On August 6, Shanghai copper 2009 rushed back down
.
Monetary easing remains maintained globally, with the Bank of England saying it will not tighten policy until inflation continues to reach its target; At the same time, the epidemic situation in the United States is showing signs of easing, and the economy is expected to gradually recover; And the current tight supply of copper mines has eased, but the shortage of raw materials still affects smelters, and copper price support still exists
.
However, the confrontation between China and the United States continues to escalate, and there is uncertainty about the trade prospects between the two countries; In addition, the current is still in the off-season, downstream demand is weak, Shanghai copper inventories have increased recently, and copper prices can move weakly
.
Technically, the Shanghai copper 2009 contract is longer in the upper shadow, maintaining range operation, and it is expected that the short-term shock will adjust
.
