The main contract of Shanghai copper opened high and fell back Market risk aversion remains

Market focus: (1) Fed Chairman Jerome Powell reiterated his confidence in the US economy, suggesting that the "standing still" interest rate policy remains unchanged
for the time being.
(2) The number of new confirmed cases in Hubei surged by 14,840, due to the addition of "clinical diagnosis"
to the classification of case diagnosis.
(3) Rio Tinto said that in order to control the spread of the new crown pneumonia epidemic, the progress of copper concentrate shipments on the border between Mongolia and China has slowed down
.

Spot analysis: On February 13, the spot 1# electrolytic copper quotation was 45450-45550 yuan / ton, the average price was 45500 yuan / ton, and the daily increase was 110 yuan / ton
.
Spot market, before delivery continue to narrow the discount, although there are few downstream into the market, but the discount narrowing is obvious, downstream buying still can not be improved, traders' trading continues the previous day's inquiry on the delivery of products, delivery only two trading days, discount or can continue to slow tentative narrowing, but the overall trading activity is difficult to substantially increase
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 101324 tons on Thursday, an increase of 1,650 tons per day, an increase of 11 consecutive days; On 12 February, LME copper stocks were 167075 tonnes, down 2,925 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2003 contract are 73536 lots, an increase of 1010 lots per day, short positions are 85965 lots, a daily increase of 1626 lots, net short positions are 12429 lots, a daily increase of 616 lots, long and short are increased, and net space increases
.

Market research and judgment: On February 13, the main force of Shanghai copper 2003 opened
low.
Fed Chairman Jerome Powell reiterated confidence in the outlook for the US economy, and the dollar index continued to strengthen; Hubei increased "clinical diagnosis", new confirmed cases surged, and market risk aversion increased; Affected by the epidemic, the resumption of work of downstream copper enterprises has been postponed, and the operating rate in February is expected to decline to 29.
43%, which is not conducive to copper demand and puts pressure
on copper prices.
However, Academician Zhong Nanshan said that the peak of the epidemic may appear in mid-to-late February, and the epidemic situation in non-Hubei areas is declining; China may introduce more measures to support the economy to cope with the negative impact of the epidemic on the economy and support
copper prices.
In terms of spot, downstream buying still cannot be improved, traders' trading continues the previous day's inquiry for delivery products, there are only two trading days left in delivery, the discount may continue to slow and tentatively narrow, but the overall trading activity is difficult to substantially increase
.
Technically, the Shanghai copper main 2003 contract shadow line tested the 10-day moving average, the daily MACD green column contraction, is expected to be short-term volatility is strong
.