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On Wednesday, the main 2107 contract of Shanghai copper opened low and fluctuated, with the highest 72240 yuan / ton and the lowest 71510 yuan / ton during the day, and the closing price of 71780 yuan / ton, down 0.
62% from the closing price of the previous trading day; LME copper rose slightly, as of 15:00 Beijing time, the three-month London copper was at $9961.
5 / ton, up 0.
27%
on the day.
Market Focus: (1) Chicago Fed President Evans: I don't see anything
that can change his stance on the Fed.
The recent rise in inflation does not signal a sustained rise
.
The recent high inflation will not last
.
(2) Republicans plan to propose about $1 trillion to Biden, but it is still far below the $1.
7 trillion proposal proposed by the White House, and the gap between the two sides is still huge
.
(3) BHP Billiton's Chilean Escondida and Spence copper miners' union said it would seek a strike
.
In 2020, the Escondida copper mine produced 1.
19 million tons and the Spence copper mine produced 146,700 tons
.
Spot analysis: On May 26, the spot 1# electrolytic copper quotation was 71540-71900 yuan / ton, the average price was 71720 yuan / ton, and the daily decline was 640 yuan / ton
.
Holders' quotations were firm, downstream consumption was general, and the overall transaction was quiet
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 155966 tons on Wednesday, a daily decrease of 1461 tons, a decline of 6 consecutive days; On 25 May, LME copper stocks stood at 125925 tonnes, up 100 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract are 79749 lots, minus 1954 lots per day, short positions are 79269 lots, daily minus 121 lots, net long positions are 480 lots, daily minus 1833 lots, long and short are reduced, net long and long are reduced
.
Market research and judgment: Shanghai copper 2107 opened low on May 26
.
Upstream copper processing fees TC have stabilized, but the recent planned strike by BHP Billiton's Escondida and Spence copper miners has reignited supply concerns
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; The recent decline in copper prices, the increase in downstream purchasing intentions, and the downward trend in inventories have supported copper prices
.
Technically, the mainstream long position reduction of the Shanghai copper 2107 contract is large, focusing on the 40-day moving average support, and it is expected that the short-term stabilization adjustment
.
