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On Wednesday, the main 2005 contract of Shanghai copper opened low and rebounded, with the highest 41020 yuan / ton and the lowest 40140 yuan / ton during the day, and the closing price of 40810 yuan / ton, up 0.
52% from the closing price of the previous trading day; In the external market, LME copper rushed back down, as of 15:00 Beijing time, the three-month London copper was reported at 5044 US dollars / ton, up 0.
40%
per day.
Market focus: (1) On Tuesday, local time, the Trump administration hopes that the US Congress can pass an additional $250 billion small business loan rescue plan
.
(2) First Quantum suspended operations at its Panama-based subsidiary, Cobre Panama, until it is satisfied that quarantine conditions are met, and the mine's 2020 copper production is expected to be between 285,000 and 310,000 tons
.
(3) Glencore's Mopani Copper closed its Zambian mine for three months
from April 8.
Spot analysis: On April 8, spot 1# electrolytic copper was quoted at 40620-40830 yuan / ton, with an average price of 40725 yuan / ton, down 105 yuan / ton
per day.
The willingness to hold up prices remains unchanged, low-price sources are difficult to find, downstream still maintains rigid demand, spot copper inventories are still declining, spot premiums are difficult to have room to decline, futures copper is strong, sorting out above 40,000, the pattern of transaction stalemate is also difficult to break
for the time being.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 192279 tons on Wednesday, a daily decrease of 4,941 tons, a 15-day decline; On April 7, LME copper stocks were 216,500 tons, down 975 tons per day, down 14 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2005 contract are 71717 lots, with a daily increase of 9483 lots, short positions of 73683 lots, daily decrease of 342 lots, net short positions of 1966 lots, daily reduction of 9825 lots, more increase and short, net space reduction
.
The global epidemic situation is still grim, and the French health minister said that France has not yet reached the peak of the epidemic, and the impact of the epidemic on the global economy is still expanding, which has hit market optimism and put pressure
on copper prices.
However, global easing has continued to increase, and the United States plans to add $250 billion in stimulus packages, which is conducive to easing the financial pressure on enterprises; At the same time, the epidemic has also affected the production of copper miners, and the supply disturbance of copper mines has increased; Coupled with the recent downward trend in Shanghai copper inventories, and the decline has expanded, the upward momentum of copper prices has increased
.
In terms of spot, the willingness to raise prices remains unchanged, low-price sources are difficult to find, downstream still maintains rigid demand, spot copper stocks are still declining, and spot premiums are difficult to decline
.
Technically, the main 2005 contract daily MACD red column increment, mainstream positions increase and short, and short-term volatility is expected to be strong
.
