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LME copper fell sharply on Friday, with 3-month London copper trading at $6,162 / tonne as of 15:00 Beijing time, down 0.
72%
on the day.
The main 2002 contract of Shanghai copper fluctuated and fell, with the highest 49130 yuan / ton and the lowest 48750 yuan / ton within the day, and the closing price of 48780 yuan / ton, down 0.
91% from the closing price of the previous trading day; The trading volume was 80835 lots, with a daily increase of 38088 lots; The position was 98,739 lots, and the daily decrease was 11,614 lots
.
The basis remained at -155 yuan/ton; The price difference of Shanghai copper in 2002-2003 remained at -120 yuan / ton
.
Market focus: (1) U.
S.
jobless claims for the week ended Dec.
28 fell by 2,000 to 222,000 seasonally adjusted versus 225,000
expected.
(2) Mining operations at the Gunnison Copper Project in Arizona, USA, are expected to sell the first batch of copper cathodes in the first quarter of 2020, with initial copper production of 25 million pounds per year
.
Spot analysis: On January 3, spot 1# electrolytic copper was quoted at 48900-48970 yuan / ton, with an average price of 48935 yuan / ton, down 140 yuan / ton
per day.
The morning market is prosperous, the transaction is enthusiastic, the low-priced source of goods is quickly bought, so the holder raised the quotation again, but the transaction activity has not been further improved, the market temporarily stopped, the downstream inquiry increased to buy exciting, the low-premium source of water is still attractive, the holder's heart to hold the price has been endless, the weak and strong characteristics are obvious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,213 tons on Friday, an increase of 250 tons per day, an increase of 6 consecutive days; On January 2, LME copper stocks were 144675 tons, down 1,025 tons per day, down 27 consecutive days
.
In the week ended January 3, copper cathode stocks on the Shanghai Futures Exchange were 141317 tons, a weekly increase of 17,670 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2002 contract were 64385 lots, minus 5173 lots, short positions were 72887 lots, daily minus 7537 lots, net short positions were 8502 lots, daily minus 2364 lots, long and short were reduced, and net space was reduced
.
Market research and judgment: On January 3, the main force of Shanghai copper in 2002 fluctuated and fell
.
The number of initial jobless claims in the United States fell last week, the strong performance of the job market made the dollar stop falling and recover, while the downward pressure on the global economy is greater, the outlook for copper market demand is still worried, coupled with the recent recovery of Shanghai copper inventories, putting pressure on copper prices, but the easing of Sino-US trade tensions, and the reduction of the reserve requirement by the People's Bank of China, coupled with the tight supply of upstream copper mines, copper processing fees TC is at a low level, which partially supports
copper prices 。 In terms of spot, the morning market buying is strong, the transaction is enthusiastic, and the low-priced source is quickly bought, so the holders raised the quotation again, but the transaction activity has not been further improved, the market has temporarily stopped, and the downstream inquiry has increased to buy and buy
.
Technically, the main 2002 contract daily MA5 of Shanghai copper crossed MA10, and the mainstream bulls reduced their positions even more, and it is expected that the short-term will continue to be weak
.
