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As of 15:00 Beijing time, the three-month London copper was reported at $6193.
5 / ton, up 0.
48%
on a daily basis.
The main 2003 contract of Shanghai copper rose in shock, with the highest 49050 yuan / ton and the lowest 48850 yuan / ton during the day, and the closing price of 49010 yuan / ton, up 0.
10% from the closing price of the previous trading day; The trading volume was 48262 lots, and the daily decrease was 29798 lots; The position was 134,600 lots, an increase of 6,243 lots
per day.
The basis narrowed to -410 yuan/ton; The price spread of Shanghai copper widened to -60 yuan / ton
in 2002-2003.
Market focus: (1) At 21:30 Beijing time on Friday, the United States will release the December non-farm payrolls report, and the market is expected to increase by 162,000
.
(2) In November 2019, China's copper demand prosperity index was 97.
3, down 2.
6 points from the previous month, and the index was distributed in the "normal" range of 95.
7-104.
2 in November
.
Spot analysis: On January 10, spot 1# electrolytic copper was quoted at 48560-48640 yuan / ton, with an average price of 48600 yuan / ton, down 180 yuan / ton
daily.
In the spot market, downstream purchases have been reduced one after another, smelters and traders have sold pre-holiday sources in advance, and holders have shown obvious sharp selling sentiment in the morning, and downstream has maintained rigid demand
.
The willingness to exchange cash in the market increased during the day, the lack of volume supported the weak transaction, the target price of traders was locked around the discount of 100 yuan, and the market continued to show the characteristics of
a decline in supply easing quotations.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,032 tons on Friday, a daily decrease of 77 tons; On January 9, LME copper stocks were 135,800 tons, down 2,600 tons per day, down 32 consecutive days
.
In the week ended January 10, copper cathode stocks on the Shanghai Futures Exchange were 133745 tons, down 7,572 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2003 contract were 88544 lots, an increase of 3288 lots per day, short positions were 94056 lots, a daily increase of 3975 lots, net short positions were 5512 lots, a daily increase of 687 lots, long and short increased, net short increased
.
On January 10, Shanghai copper main force 2003 volatility rose
.
Recent U.
S.
employment data is strong, China and the United States will sign the first phase of trade agreement next week, market optimism is rising, while upstream copper TC prices are still at a low level, copper mine supply is tight, superimposed by capital and environmental protection issues, electrolytic copper production is expected to decline, supporting copper prices, but the dollar index rose, while the import profit window opened slightly, Shanghai copper inventories were hindered, superimposed on downstream demand at the end of the year gradually weakened, copper prices upward is not smooth
。 In terms of spot, the spot market, downstream procurement has been reduced, smelters and traders have sold pre-holiday sources in advance, holders in the morning showed a clear mood of sharp selling, downstream maintained rigid demand, and the market continued to show the characteristics of a decline in supply easing quotations
.
Technically, the main 2003 contract daily MACD green column contraction of Shanghai copper, mainstream bulls increased their positions, and short-term volatility is expected to be strong
.
