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On Tuesday, the main 2104 contract of Shanghai copper rushed back to the high, with the highest 68790 yuan / ton and the lowest 66420 yuan / ton within the day, and the closing price was 67950 yuan / ton, up 0.
86% from the closing price of the previous trading day; In the external market, LME copper rushed back to the high, as of 15:00 Beijing time, the three-month London copper was reported at 9198 US dollars / ton, up 0.
93%
on the day.
Market focus: (1) The Washington Post said that on the basis of Biden's first $1.
9 trillion and Trump-era $4 trillion bailout, the Biden administration will launch the second plan in its term, and 3 trillion is only a very preliminary figure
.
(2) 23:00 Beijing time Federal Reserve Chairman Jerome Powell attended an online hearing and testified to the Senate on the semi-annual monetary report
.
Spot analysis: On February 23, spot 1# electrolytic copper quotation 67100-68100 yuan / ton, the average price of 67600 yuan / ton, a daily increase of 520 yuan / ton
.
Traders are cautious on the sidelines, downstream fear of heights intensifies, and supply and demand sides are deadlocked
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 53,975 tons on Tuesday, an increase of 4,993 tons per day; On February 22, LME copper stocks stood at 74,900 tonnes, down 800 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2104 contract were 87055 lots, a daily increase of 2162 lots, short positions were 97773 lots, a daily increase of 1597 lots, a net short position of 10718 lots, a daily decrease of 565 lots, both long and short increases, and the net space decreased
.
Market research and judgment: Shanghai copper 2104 rushed back on
February 23.
The US fiscal stimulus policy is expected to be launched, coupled with the second round of plan expectations, the US dollar index is under pressure to the downside, and the global epidemic situation has improved, which is conducive to the recovery of the economy; However, it is still necessary to pay attention to Powell's statement
on the timing of the Fed's interest rate hike.
The supply of domestic copper mines in the upstream maintained a tight pattern, and the TC of copper processing fees continued to decrease, resulting in high smelting costs; At present, domestic and foreign copper inventories remain at a low level, of which domestic inventories are at a new low in nearly a decade, and the accumulation in the first quarter is also lower than the same period of previous years; Coupled with the expectation of recovery in domestic and foreign demand after the holiday, it is expected to support copper prices to rise further
.
Technically, the Shanghai copper 2104 contract increased its position, and the daily MACD red column increased, and the short-term volatility is expected to be strong
.
