Shanghai copper opened high and fluctuated, and it is difficult for the market to significantly improve for the time being

Market focus: (1) New confirmed cases in non-Hubei areas fell
for 7 consecutive days.
(2) Affected by the epidemic, BHP, the world's top copper miner, is discussing with Chinese traders to delay copper concentrate shipments
.
(3) Spot processing fees for copper concentrates in China rose to an eight-month high and copper processing fees TC rose to $62.
5/mt
on Monday due to the impact of the new crown epidemic and related production and logistics restrictions that prevented smelters from shipping.

Spot analysis: On February 11, the spot 1# electrolytic copper quotation was 45320-45400 yuan / ton, the average price was 45360 yuan / ton, up 20 yuan / ton
per day.
Quotation shipment enterprises in the daily increase, shipment pressure is increasing, in the weak transaction, traders have no choice but to continue to reduce the discount, some Shandong refineries also joined the dumping team, consumer processing enterprises still have little willingness to enter the market, traders and refineries financial pressure is increasing, in addition to some deliverable warehouse receipts still have a certain buying attractiveness, the rest of most brands are difficult to buy, the transaction is difficult to improve
significantly.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 99,674 tons on Tuesday, a daily increase of 1,375 tons, an increase of 10 consecutive days; On 10 February, LME copper stocks stood at 171,750 tonnes, up 225 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2003 contract are 72304 lots, an increase of 1246 lots per day, short positions are 83135 lots, a daily increase of 1945 lots, net short positions are 10831 lots, a daily increase of 699 lots, long and short are increased, and net space increases
.

Market research and judgment: On February 11, the main force of Shanghai copper 2003 opened high.

As of the 10th, the number of new confirmed cases in China's non-Hubei region has fallen for seven consecutive years, domestic enterprises have begun to enter a state of resumption of work, and market concerns have further eased; At the same time, due to logistics obstruction and sulfuric acid expansion, some refineries planned to reduce production in February, which was positive for copper prices
.
However, the recent US employment data exceeded expectations, and there was no significant progress in the UK-EU negotiations, and the US dollar continued to rise; Coupled with the accelerated growth trend of domestic Shanghai copper inventories, some pressure
on copper prices.
In terms of spot, quotation and shipment enterprises are increasing daily, but the pressure of shipment for cash is increasing, traders have no choice but to continue to reduce the discount, consumer processing enterprises still have little willingness to enter the market, and it is difficult to significantly improve the transaction for the time being
.
Technically, the main daily KDJ gold cross signs of Shanghai copper, pay attention to the support at the 45300 position below, and expect a strong
short-term shock.