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LME copper opened higher on Wednesday, and as of 15:00 Beijing time, the three-month London copper was reported at $5,804 / ton, up 0.
64%
on a daily basis.
The main 2007 contract of Shanghai copper rose sharply, with the highest 46980 yuan / ton and the lowest 45970 yuan / ton during the day, and the closing price was 46830 yuan / ton, up 1.
25% from the closing price of the previous trading day; The trading volume was 116,100 lots, an increase of 5,915 lots per day, and the position was 104,200 lots, an increase of 1,140 lots
per day.
basis 20 yuan/ton; The price difference of Shanghai copper in 2007-2008 was 40 yuan / ton
.
Market focus: (1) At 2:00 Beijing time on Thursday, the US FOMC will announce its interest rate decision, and the market expects the tone of the meeting to remain dovish
.
(2) SMM data, China's electrolytic copper output in May was 770,100 tons, an increase of 2.
35% month-on-month and 21.
56% year-on-year; It is expected that the output in June will be 734,200 tons, down 4.
66% month-on-month and up 0.
81%
year-on-year.
Spot analysis: On June 10, SMM spot 1# electrolytic copper quotation was 46800-46900 yuan / ton, the average price was 46850 yuan / ton, and the daily increase was 500 yuan / ton
.
SMM reported that short-term global economic stimulus policies overlapped, copper prices showed a strong trend under the background of easing, but the spot market was afraid of heights, traders speculated cautiously, downstream actual consumption stopped, and the characteristics of strong and weak expectations gradually appeared
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 41,435 tons on Wednesday, a daily decrease of 99 tons; On June 9, LME copper stocks were 236575 tons, down 1,325 tons per day, down 17 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2007 contracts were 67077 lots, minus 143 lots per day, short positions were 73500 lots, a daily increase of 12 lots, net short positions were 6423 lots, a daily increase of 155 lots, more short increases, net space increased
.
The recent better-than-expected employment data from the United States and the gradual recovery of the global economy have led to rising market risk sentiment and the downward pressure on the US dollar; At the same time, domestic copper mine imports are shrinking and supply is tight, and electrolytic copper production will be further suppressed; And with the gradual recovery of demand, Hulun copper stocks continue to deteriorate, which has strong
support for copper prices.
However, the uncertainty of the global pandemic remains; and the recent widening of the refined waste spread, limiting the upward momentum
of copper prices.
In terms of spot, fear of heights is strong, traders speculate cautiously, and downstream actual consumption stops
.
Technically, the mainstream long position of the Shanghai copper 2007 contract increased significantly, testing the 47,000 mark above, and the short-term shock is expected to be strong
.
