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On Wednesday, the main 2005 contract of Shanghai copper opened high, the highest 39390 yuan / ton during the day, the lowest 38540 yuan / ton, and the closing price of 39360 yuan / ton, up 3.
04% from the closing price of the previous trading day; As of 15:00 Beijing time, the three-month London copper was reported at $4855.
5 / ton, up 0.
15%
per day.
Market focus: (1) The preliminary Markit services PMI in the United States recorded 39.
1 in March, less than the expected 42, and 49.
3 last month; the preliminary Markit manufacturing PMI in March was 49.
2, less than the expected 42.
8, and 50.
7
last month.
Spot analysis: On March 25, spot 1# electrolytic copper was quoted at 38600-38950 yuan / ton, with an average price of 38775 yuan / ton, a daily increase of 825 yuan / ton
.
Holders of the morning market quotation discount, bargain buying increased, traders led the market transaction, morning market activity is high, close to 11 o'clock, the plate suddenly opened a straight line to pull up the trend, the downstream of the day continued to maintain the enthusiasm of bargain hunting, plus some traders continue to receive long orders delivery, part of the buy and sell period, the market transaction atmosphere continues to improve
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 235909 tons on Wednesday, a daily decrease of 4,747 tons, a decline of 6 consecutive days; On March 24, LME copper stocks stood at 226,200 tonnes, down 1,125 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2005 contract were 69432 lots, a daily increase of 1459 lots, short positions were 76882 lots, a daily increase of 1196 lots, a net short position of 7450 lots, a daily decrease of 263 lots, long and short increased, and net space decreased
.
The main force of Shanghai copper in 2005 opened high and went
high.
The global epidemic continues to spread, the epidemic in Europe and the United States shows a spreading trend, the manufacturing industry has been impacted, the shutdown of enterprises has increased, the total amount of copper used in automobiles in February fell by 78.
24% year-on-year, the downstream demand outlook is pessimistic, and the pressure on copper prices in the medium and long term is still large
.
However, the Fed's unlimited QE has become the most aggressive market intervention to date, causing inflation expectations to rise; And Hubei Province will gradually lift the control of the pipeline from Hubei, and China's epidemic prevention and control has achieved results, which is conducive to the restoration of economic vitality and strengthens short-term support for copper prices
.
In terms of spot, holders quoted at a discount in the morning market, increased bargain hunting, traders led the market transaction, the morning market activity was high, and the downstream continued to maintain the enthusiasm of
bargain hunting replenishment during the day.
Technically, the main 2005 contract daily MACD green column contraction of Shanghai copper, mainstream bulls increased their positions more, and it is expected to continue to rise
slightly in the short term.
