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LME copper fell back to its high on Thursday, and as of 15:00 Beijing time, the three-month London copper was reported at $5,819 / ton, down 1.
44%
on a daily basis.
The main 2007 contract of Shanghai copper opened high and fell, with the highest 47600 yuan / ton and the lowest 46640 yuan / ton during the day, and the closing price of 46950 yuan / ton, up 0.
26% from the closing price of the previous trading day; The trading volume was 172,000 lots, an increase of 55,930 lots per day, and the position was 101,600 lots, a daily decrease of 2,609 lots
.
basis 460 yuan/ton; The price difference of Shanghai copper in 2007-2008 was 90 yuan / ton
.
Market focus: (1) The Fed kept interest rates near zero and said it would continue to increase its holdings of bonds, aiming to buy $80 billion in Treasury bonds and $40 billion in mortgage-backed securities
per month.
(2) Antaike said that China's smelters produced 678,000 tons of refined copper in May, down 2.
7% from the previous month, and production is expected to rebound to about 690,000 tons
in June.
Spot analysis: On June 11, SMM spot 1# electrolytic copper quotation was 47340-47480 yuan / ton, the average price was 47410 yuan / ton, and the daily increase was 560 yuan / ton
.
SMM reported that traders entered the market to buy on the dip, ushered in a wave of positive replenishment, and the transaction was acceptable
.
The strong rebound of copper prices jumped strongly, so that the receipt of goods in the week was trapped, and the outflow of goods was reduced, and spot quotations were glued, but high copper prices inhibited consumer enthusiasm, and short-term quotations had limited
room to rise.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 42,161 tons on Thursday, a daily increase of 726 tons; On June 10, LME copper stocks were 233475 tons, down 3,100 tons per day, down 18 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2007 contract were 69228 lots, a daily increase of 2151 lots, short positions were 70353 lots, a daily decrease of 3147 lots, a net short position of 1125 lots, a daily decrease of 5298 lots, more increase and short, a decrease
in net space.
As the Fed kept interest rates unchanged and said it would continue to increase its bond holdings, the dot plot showed that rates would remain at the end of 2022, suggesting a longer economic recovery and hitting market risk sentiment
.
At present, the supply of domestic copper mines is tight, resulting in the suppression of electrolytic copper production; And with the gradual recovery of demand, Hulun copper stocks continue to deteriorate, forming a support
for copper prices.
However, the uncertainty of the global pandemic remains; As well as the recent widening of the refined waste price spread, the substitution role of copper scrap has increased, limiting the upward momentum
of copper prices.
In terms of spot, traders entered the market to buy at the dip, ushering in a wave of positive replenishment, and the transaction was acceptable
.
Technically, the mainstream position of Shanghai copper 2007 contract is short, but the center of gravity has still moved upward, and it is expected to recover in the short term
.
