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On Tuesday, the main 2007 contract of Shanghai copper opened high, with the highest 44030 yuan / ton and the lowest 43390 yuan / ton within the day, and the closing price of 43690 yuan / ton, up 1.
32% from the closing price of the previous trading day; In the external market, LME copper opened high, as of 15:00 Beijing time, 3-month London copper was reported at 5357.
5 US dollars / ton, up 0.
22%
per day.
Market focus: (1) US pharmaceutical manufacturer Moderna announced a great success
in clinical trials of the new crown vaccine.
(2) China's seventh batch of copper scrap import quota imports in 2020 was 10,423 tons, and a total of 540184 tons
have been released so far this year.
Spot analysis: On May 19, spot 1# electrolytic copper was quoted at 44020-44100 yuan / ton, with an average price of 44060 yuan / ton, a daily increase of 800 yuan / ton
.
Intraday futures are now rising, the low premium supply in the morning market attracts an influx of trade buying, and the intention of holders to push up the water is not exhausted, but traders follow up and stop, and the pace of the premium push will slow down
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 68,589 tons on Tuesday, a daily decrease of 1,284 tons; On May 18, LME copper stocks were 276375 tonnes, down 2,375 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2007 contract were 62119 lots, an increase of 1486 lots per day, short positions were 78829 lots, a daily increase of 2741 lots, a net short position of 16710 lots, a daily increase of 1255 lots, long and short increased, and net space increased
.
The recent success of clinical trials of the new crown vaccine has reduced concerns that the epidemic may affect the economy in the long term; And China's Two Sessions are approaching, the market expects more stimulus policies to be introduced, and optimism has warmed up; And when the copper processing fee TC is at a low level, coupled with the rapid recovery of domestic demand, the copper price support is strong
.
However, South American copper mines are scheduled to begin to recover, and it is expected that the tight supply of copper mines will begin to ease by June; At the same time, the decline in overseas orders has appeared, limiting the upward momentum
of copper prices.
In terms of spot, the low premium supply in the morning market attracted an influx of trade buyers, and the intention of holders to push up the water was not exhausted, but traders followed suit
.
Technically, the main 2007 contract of Shanghai copper increased its position, and the daily KDJ gold cross signs, and it is expected that the short-term volatility will be strong
.
