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On Tuesday, the main 2010 contract of Shanghai copper rose sharply, with the highest 53050 yuan / ton and the lowest 52010 yuan / ton during the day, and the closing price was 52990 yuan / ton, up 1.
94% from the closing price of the previous trading day; Externally, LME copper opened higher, as of 15:00 Beijing time, 3-month London copper was reported at $6,829 / ton, up 2.
32%
per day.
Market Focus: (1) Fed Vice Chairman Clarida said the Fed is committed not to raising interest rates simply because of falling unemployment, allowing appropriate 2% inflation targets
in many cases.
Chile's copper production in July fell 4.
6% year-on-year to 467913 tonnes
, according to Chile's National Institute of Statistics.
(3) Workers at Freeport's Grasberg copper and gold mine in Indonesia reached an agreement with Freeport's Indonesian branch last Friday and ended the protests
.
Spot analysis: On September 1, SMM spot 1# electrolytic copper quotation was 52280-52460 yuan / ton, the average price was 52370 yuan / ton, and the daily increase was 365 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 58,960 tons on Tuesday, an increase of 843 tons per day; On August 28, LME copper stocks were 89,350 tons, down 1,425 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 86596 lots, a daily increase of 4297 lots, short positions were 82386 lots, a daily increase of 6387 lots, a net long position of 4210 lots, a daily decrease of 2090 lots, both long and short increases, and net long decreased
.
The US index fell to a new 28-month low with dovish signals from the vice chairman of the US Federal Reserve, and the announcement of more measures on steel imports from Mexico and Brazil; At the same time, the current copper ore processing fee TC is running at a low level, and the supply of raw materials is still tight; And London copper stocks have deteriorated sharply, and have now fallen to a new low in nearly 14 years, coupled with the arrival of the domestic peak season, the support for copper prices has been strengthened
.
However, rising tensions between China and the United States have made market risk sentiment cautious; And the current market is in the off-season, processing enterprise orders are flat, downstream demand is still weak, forming some resistance
to copper prices.
Technically, the Shanghai copper 2010 contract increased its position, focusing on the resistance at the 53300 position, and it is expected that the short-term volatility will be strong
.
In operation, it is recommended to go long at 52600 yuan / ton on the pullback, and the stop loss is 52300 yuan / ton
.
