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On Thursday, the main 2006 contract of Shanghai copper fluctuated upward, with the highest 43120 yuan / ton and the lowest 42610 yuan / ton during the day, and the closing price of 43110 yuan / ton, up 0.
91% from the previous trading day's closing price; In the external market, LME copper continued to rise, as of 15:00 Beijing time, 3-month London copper reported 5237 US dollars / ton, up 0.
35%
on a daily basis.
Market focus: (1) ADP employment in the United States plummeted by 20.
236 million in April, the sharpest decline
on record.
(2) The Peruvian government authorized mining operators to resume mining activities from May 2, 2020, while the Antamina mine ceased activities
in mid-April.
(3) As of April 30, the TC price of China's copper smelter was 53.
0 US dollars / dry ton, a weekly decrease of 3.
5 US dollars / dry ton
.
(4) China's imports of unwrought copper and copper products were 460952 tons in April, higher than 441926 tons in March this year and 13.
8%
higher than in April last year.
Spot analysis: On May 7, the spot 1# electrolytic copper quotation was 42990-43040 yuan / ton, the average price was 43015 yuan / ton, a daily increase of 190 yuan / ton
.
The supply of wet copper increased during the day, the price has declined, especially the outflow of some poor brands has increased, there can be room for price reduction, the downstream continues to maintain rigid demand, traders continue to receive flat water copper at low prices, and some imported copper arrivals of holders are actively cashing at a high level, but the price reduction is limited, and supply and demand are still in
a stalemate tug-of-war.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 72,950 tons on Thursday, a daily decrease of 7,910 tons, a 33-day decline; On May 6, LME copper stocks were 245,100 tons, down 250 tons per day, down 11 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 75020 lots, a daily increase of 729 lots, short positions of 81509 lots, a daily decrease of 233 lots, a net short position of 6489 lots, a daily decrease of 962 lots, more increase and short, a decrease
in net short.
The global epidemic situation has improved, and the reopening of the economy has ushered in the dawn, but the US employment data has performed poorly, which has had a negative impact on market sentiment; The price of upstream copper mine TC fell to the same level as last year's record low, smelting costs rose further, coupled with the improvement of downstream demand, domestic Shanghai copper inventories continued to deteriorate, and copper prices could be strengthened
.
However, overseas affected by the epidemic, export orders have declined, causing some restrictions
on the rebound of copper prices.
In terms of spot, the supply of wet copper increased during the day, the price declined, the downstream continued to maintain rigid demand, and traders continued to receive flat water copper
at low prices.
Technically, the main 2006 contract of Shanghai copper increased its position, and the mainstream position increased and shortened, and it is expected to continue to rise in the short term
.
