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On Thursday, the main 2105 contract of Shanghai copper rushed back down, with the highest 67,700 yuan / ton and the lowest 66,660 yuan / ton within the day, and the closing price of 66,920 yuan / ton, down 0.
03% from the previous trading day's closing price; LME copper came under pressure downward, as of 15:00 Beijing time, the 3-month London copper was reported at 9049 US dollars / ton, down 0.
89%
on the day.
Market focus: (1) The Fed will keep its benchmark interest rate unchanged at 0%-0.
25%, and the dot plot shows that the Fed will remain on hold until the end of 2023
.
Powell said inflation would rise sharply in the coming months, but that would not be enough to warrant a Fed rate hike
.
(2) My nonferrous network, on March 18, the domestic spot inventory of electrolytic copper was 287,100 tons, down 08,800 tons from this Monday and 05,900 tons
from last Thursday.
(3) On March 18, the spot stock of copper in the bonded zone was 419,000 tons, an increase of 06,000 tons from Monday and a decrease of 01,000 tons
from last Thursday.
Spot analysis: On March 18, spot 1# electrolytic copper was quoted at 66940-67280 yuan / ton, with an average price of 67110 yuan / ton, a daily increase of 990 yuan / ton
.
Some long-term orders are supported by demand, downstream consumption is still weak, and the overall transaction is
weak.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 114844 tons on Thursday, an increase of 1594 tons per day; On March 17, LME copper stocks stood at 107275 tonnes, up 3,375 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2105 contract were 92201 lots, a daily increase of 976 lots, short positions of 98933 lots, a daily increase of 639 lots, a net short position of 6732 lots, a daily decrease of 337 lots, a decrease of both long and short, and a decrease
in net short.
Market research and judgment: On March 18, Shanghai copper 2105 rushed back down
.
Upstream domestic copper mine inventories continue to decline, and processing fee TC continues to decline, resulting in high smelting costs, and the current copper mine production is still affected by strikes and epidemic factors, copper mine tightening concerns have increased
.
The performance of downstream domestic demand is still weak, but domestic inventories are still significantly lower than the same period of previous years; And with the arrival of the traditional peak season, downstream demand is expected to improve, which supports copper prices
.
Technically, the mainstream long position of the Shanghai copper 2105 contract increased slightly, the triangle convergence trend, and the short-term shock adjustment
is expected.
