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On Tuesday, the main 2006 contract of Shanghai copper opened low and continued to fall, with the highest 42160 yuan / ton and the lowest 41400 yuan / ton within the day, and the closing price of 41440 yuan / ton, down 2.
10% 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 5107 US dollars / ton, down 1.
29%
on a daily basis.
Market focus: (1) Affected by the serious oversupply of the US oil market, the upcoming expiration of the contract and the decision of Texas to cut production, New York oil prices plummeted
on the 20th.
(2) The cumulative number of new coronary pneumonia confirmed in the world has exceeded 2.
48 million, and WHO warns that the worst moment is coming
.
(3) China's refined copper output in March was 771,000 tons, down 2.
5% year-on-year, the lowest since
May last year.
Spot analysis: On April 21, the spot 1# electrolytic copper quotation was 41850-42200 yuan / ton, the average price was 42025 yuan / ton, and the daily decline was 625 yuan / ton
.
Morning market inquiry enthusiasm is high, low-price source transactions are positive, with the decline in the market, holders continue to hold up the price, premium quotations are temporarily stable and there is little room for further decline, traders due to lack of profit margins and performance stop, the market in the context of the external environment is dangerous and uncertain, the overall performance is cautious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 151738 tons on Tuesday, a daily decrease of 6271 tons, a continuous decline of 24 days; On April 20, LME copper stocks were 263,750 tonnes, down 1,675 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 72594 lots, a daily increase of 1275 lots, short positions are 82275 lots, daily decrease of 2510 lots, net short positions of 9681 lots, daily reduction of 3785 lots, more increase and short, net space reduction
.
The sharp decline in international crude oil market prices, coupled with WHO warnings, has heightened concerns about the economic outlook; The current overseas epidemic has led to a decline in export orders, and the price difference between refined waste continues to widen, limiting the upward momentum
of copper prices.
However, the People's Bank of China lowered the lending market quotation rate, and global monetary easing is expected to continue; Coupled with the gradual impact of copper mine production cuts in South America, as well as improved demand due to the recovery of production by downstream processing enterprises, copper price support remains
.
In terms of spot, the enthusiasm of morning market inquiry is high, the transaction of low-price sources is positive, and as the market declines, holders continue to be willing to hold prices, and traders stop due to lack of profit
margins.
Technically, the main 2006 contract of Shanghai copper increased its position, and the daily KDJ dead cross signs are expected to fall
under short-term pressure.
