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LME copper opened higher on Tuesday, and as of 15:00 Beijing time, the three-month London copper was at $5,810 / ton, up 1.
24%
on a daily basis.
The main 2007 contract of Shanghai copper rebounded sharply, with the highest 47270 yuan / ton, the lowest 46190 yuan / ton, and the closing price of 47150 yuan / ton, up 1.
88% from the closing price of the previous trading day; The trading volume was 134,500 lots, a daily decrease of 49,871 lots, and the position was 102,200 lots, an increase of 148 lots
per day.
basis - 75 yuan/ton; The price difference of Shanghai copper in 2007-2008 was 150 yuan / ton
.
Market Focus: (1) The Fed said it will start buying corporate bonds
through the Secondary Market Corporate Credit Facility (SMCCF) on Tuesday.
(2) The President of Chile decided to extend the country's state of emergency for another 90 days
.
A statement signed by the Mines Federation, which represents Chile's majority of copper miners, said it rejected mining minister Baldo Prokurica's "business as usual" statement
.
Spot analysis: On June 16, SMM spot 1# electrolytic copper quotation was 46850-47300 yuan / ton, the average price was 47075 yuan / ton, a daily increase of 245 yuan / ton
.
SMM reported that the overall market is cautiously waiting for high premiums today, and the receiving situation is not ideal, but it is
better than yesterday.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 57,127 tons on Tuesday, a daily increase of 249 tons; On June 15, LME copper stocks stood at 247,000 tonnes, up 12,450 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2007 contracts are 70003 lots, minus 668 lots per day, short positions are 71394 lots, daily increase of 1169 lots, net short positions are 1391 lots, daily increase of 1837 lots, more short increases, net space increases
.
Risk sentiment
in the market was boosted by the Fed's announcement of a further expansion of stimulus.
At the same time, Chile's decision to extend the state of emergency for another 90 days, and the Chilean Mining Federation's call for a re-evaluation of the country's large miners' continued operation plans, may affect subsequent Chilean copper mine production, and China's copper processing fee TC continues to fall, supporting copper prices
.
However, the long-tail effect of the global epidemic, the slow recovery of demand, and the upward trend of Shanghai copper inventories have limited the upward momentum
of copper prices.
In terms of spot, the overall market is cautiously waiting for high premiums today, and the receiving situation is not ideal, but it is
better than yesterday.
Technically, the mainstream position of the Shanghai copper 2007 contract has increased and decreased, focusing on the pressure above the 47500 position, and it is expected that the short-term shock adjustment
.
