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On Wednesday, the main 2006 contract of Shanghai copper rebounded, with the highest 41370 yuan / ton and the lowest 40350 yuan / ton within the day, and the closing price was 41090 yuan / ton, down 0.
84% from the closing price of the previous trading day; In the external market, LME copper rebounded, as of 15:00 Beijing time, 3-month London copper was reported at 5041.
5 US dollars / ton, up 0.
30%
on a daily basis.
Market Focus: (1) The panic selling of U.
S.
crude oil spilled over into contracts for June delivery, and as refineries restrict operations, those receiving crude oil delivery may have nowhere to store
.
(2) The Japan Wire and Cable Manufacturers Association said that including domestic sales and exports, Japan's copper wire cable shipments in March decreased by 2.
4% year-on-year to 57,400 tons
.
Spot analysis: On April 22, spot 1# electrolytic copper was quoted at 40980-41100 yuan / ton, with an average price of 41040 yuan / ton, down 990 yuan / ton
per day.
Copper futures were negative for two days, downstream enterprises replenished at low prices, and buying transactions improved; Although traders are willing to receive goods, the price is difficult to reach their wishes, and the willingness of cargo holders to rise to the water is strong
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 143897 tons on Wednesday, a daily decrease of 7,841 tons, a 25-day decline; LME copper stocks stood at 264725 tonnes on 21 April, up 975 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 78505 lots, a daily increase of 5911 lots, short positions of 88500 lots, a daily increase of 6225 lots, a net short position of 9995 lots, a daily increase of 314 lots, long and short increases, and net space increases
.
The international crude oil market price fell sharply, and the price of the far month remained under pressure, and the market was worried about the economic outlook; Coupled with the decline in export orders caused by the current overseas epidemic, and the recent widening of the refined waste price spread, the upward momentum
of copper prices is limited.
However, the impact of copper mine production cuts in South America is gradually emerging, and the recovery of production by downstream processing companies has improved demand, which still supports copper prices
.
In terms of spot, copper futures were negative for two days, downstream enterprises replenished at low prices, and buying transactions improved; Although traders are willing to receive goods, the price is difficult to reach their wishes, and the willingness of cargo holders to rise to the water is strong
.
Technically, the main 2006 contract of Shanghai copper increased its position, and the daily KDJ indicator was dead-crossed, and the short-term volatility was expected to be weak
.
Operationally, it is recommended that the Shanghai copper 2006 contract can be short around 41,500 yuan / ton, and the stop loss is 42,000 yuan / ton
.
