The delay in resuming work has led to the accumulation of inventories, and the upward movement of Shanghai copper has weakened

Market focus: (1) In January, the national consumer price increased by 5.
4% year-on-year, and the national industrial producer ex-factory price increased by 0.
1%
year-on-year.
(2) The U.
S.
non-farm sector added 225,000 jobs in January, higher than market expectations of 165,000 and the revised 147,000 in the previous month, up sharply
from 175,000 in the same period last year.
(3) Chile's state-owned copper mine Codelco and BHP Billiton's Escondida copper mine in December copper production increased by 1.
2% year-on-year to 187,600 tons and 16% to 105,600 tons
, respectively.

Spot analysis: On February 10, spot 1# electrolytic copper was quoted at 45300-45380 yuan / ton, with an average price of 45340 yuan / ton, down 235 yuan / ton
daily.
Some traders returned to work during the day, and the number of trade opening enterprises increased significantly, but the market due to objective factors few people responded, the willingness of holders to exchange cash gradually increased, the appearance of discount quotations after the out of control, although the trade opening rate increased significantly, but due to logistics is still restricted, processing enterprises are difficult to resume work, traders' receiving psychological prices are lower, the actual market transaction is still relatively rare, inventory pressure will gradually appear
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 98,299 tons, an increase of 5,402 tons per day; On February 7, LME copper stocks were 171525 tonnes, down 3,275 tonnes
per day.
In the week ended February 7, the stock of copper cathode on the Shanghai Futures Exchange was 206254 tons, an increase of 50,415 tons
.

Main positions: the top 20 long positions of Shanghai copper main 2003 contract were 71058 lots, a daily increase of 2767 lots, short positions of 81190 lots, a daily increase of 1128 lots, a net short position of 10132 lots, a daily decrease of 1639 lots, both long and short increases, and the net space decreases
.

Market research and judgment: On February 10, the main force of Shanghai copper 2003 opened
low.
As of the 9th, the number of new confirmed cases in non-Hubei areas of China has dropped for six consecutive days, and market concerns have eased; China's PPI data in January turned from a decline to an increase, with the non-ferrous metal smelting and rolling processing industry rising 2.
4%
year-on-year.
However, the US non-farm payrolls data for January exceeded expectations, and the US dollar performed strongly; Chile's two mining giants increased copper production in December, and there are expectations of Chilean copper mine production increase this year, which is conducive to easing the tight supply of copper mines; Near the recent continuous rise in domestic copper inventories, the postponement of the resumption of work by downstream processing enterprises is expected to lead to accelerated accumulation of inventories, and the upward momentum of copper prices will weaken.

In terms of spot, although the opening rate of trade has increased significantly, due to logistics restrictions, it is difficult for processing enterprises to resume work, the psychological price of traders receiving goods is lower, the actual transaction in the market is still relatively rare, and inventory pressure will gradually appear
.
Technically, the main force of Shanghai copper is long and the upper shadow, and the daily MACD green column increment is expected to adjust short-term
shocks.