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On Tuesday, the main 2106 contract of Shanghai copper rebounded sharply, with the highest 76210 yuan / ton and the lowest 74560 yuan / ton within the day, and the closing price was 76100 yuan / ton, up 1.
81% from the closing price of the previous trading day; As of 15:00 Beijing time, the three-month London copper was reported at $10,498.
5 / ton, up 1.
27%
on a daily basis.
Market focus: (1) Fed Vice Chairman Clarida said that last month's weaker-than-expected U.
S.
jobs report showed that the economy has not yet reached the threshold
at which the Fed can scale back its massive bond-buying program.
Spot analysis: On May 18, spot 1# electrolytic copper quotation 75520-75880 yuan / ton, the average price of 75700 yuan / ton, daily increase of 1080 yuan / ton
.
Yangtze River Nonferrous Metal reported that downstream consumption is weak, traders are mainly circulating, and the overall transaction is average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 172594 tons on Tuesday, a daily increase of 1979 tons; On May 17, LME copper stocks were 119875 tonnes, down 1,375 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract are 75187 lots, minus 2439 lots per day, short positions are 86212 lots, daily minus 1065 lots, net short positions are 11025 lots, daily increase of 1374 lots, long and short are reduced, net space increases
.
Market research and judgment: Shanghai copper 2106 rebounded
sharply on May 18.
The US dollar index came under pressure on the US dollar index to the downside with unexpectedly stagnant retail sales data for April, coupled with a dismal US employment performance in April
, and the Fed vice chairman's reaffirmation that the time to reduce the size had not come.
Upstream copper processing fees TC have stabilized, but they are still low, and Chilean copper mines are again at risk of strikes, and copper supply is still tight
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; Downstream domestic demand is still weak, copper enterprise operating rate fell year-on-year, domestic inventories continued to grow, but under the global economic recovery, the demand outlook is optimistic, supporting copper prices
.
Technically, the mainstream long position of the Shanghai copper 2106 contract has reduced its position significantly, focusing on the support of the 10-day moving average, and it is expected that the short-term high will be adjusted
.
