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On Thursday, the main 2103 contract of Shanghai copper opened low and went high, with the highest 59490 yuan / ton and the lowest 58720 yuan / ton within the day, and the closing price was 59340 yuan / ton, up 0.
37% from the previous trading day's closing price; In the external market, LME copper continued to rise slightly, as of 15:00 Beijing time, the three-month London copper was reported at 8076.
5 US dollars / ton, up 0.
44%
per day.
Market focus: (1) Biden was officially sworn in as the 46th US president, and the market expects the Biden administration to increase stimulus measures to cope with the economic impact
of the pandemic.
(2) Refined copper production in December 2020 increased by 10.
9% year-on-year to 986,000 tons
.
(3) The import volume of copper scrap in December 2020 was 116739 tons, an increase of 25% month-on-month and 63.
41%
year-on-year.
Spot analysis: On January 21, spot 1# electrolytic copper was quoted at 59130-59370 yuan / ton, with an average price of 59250 yuan / ton, a daily increase of 210 yuan / ton
.
Yangtze River Nonferrous Metal reported that there are many sources of circulating goods, the willingness to raise prices is still strong, downstream consumption is weakening, and trading is deadlocked
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 23,915 tons on Thursday, down 2,127 tons per day; On January 20, LME copper stocks were 93,950 tons, down 2,375 tons per day, down for seven consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2103 contract are 75212 lots, a daily increase of 1680 lots, short positions are 79314 lots, a daily increase of 13 lots, a net short position of 4102 lots, a daily decrease of 1667 lots, both long and short increases, and net space decreases
.
On the news front, Biden was sworn in as US president, the market is optimistic that federal stimulus measures will promote economic growth, and Yellen supports more fiscal stimulus, which has made market risk sentiment warm and the dollar index under pressure
.
Domestic copper mine supply maintained a tight pattern, copper ore processing fees TC continued to be reduced, and copper smelting costs were high; However, the implementation of the new policy for scrap copper has greatly increased the import volume, and the price difference between refined waste has widened, and the substitution role will gradually increase; At the end of the year, the downstream market inventory willingness continued to decline in recent days, but there is still resistance
above copper prices as demand is expected to gradually fade in the off-season.
Technically, the mainstream long position of the Shanghai copper 2103 contract increased significantly, paying attention to the 20-day moving average support, and it is expected to be strong in the short term
.
