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On Tuesday, the Shanghai copper main 2005 contract opened high, the highest 38900 yuan / ton, the lowest 37520 yuan / ton, the closing price of 38200 yuan / ton, up 2.
69% from the previous trading day's closing price; As of 15:00 Beijing time, the 3-month London copper was reported at $4,717 / ton, up 2.
52%
on a daily basis.
Market focus: (1) On Monday, the Federal Reserve said that in order to ensure market operation and monetary policy transmission, it will buy U.
S.
Treasuries and MBS
on demand without limit.
(2) ICSG data, the global refined copper market was oversupplied by 68,000 tons in December 2019, and 49,000 tons
in November.
(3) According to Zhuochuang data, the total amount of copper used in automobiles in February was 5,292 tons, down 78.
24%
year-on-year.
Spot analysis: On March 24, spot 1# electrolytic copper was quoted at 37800-38100 yuan / ton, with an average price of 37950 yuan / ton, a daily increase of 1310 yuan / ton
.
Although copper rebounded briefly, the market is still cautious, the downstream maintains an appropriate amount of bargain buying, traders still intend to receive goods for low discount closing long order buy cash selling period, intraday market transaction improvement is more obvious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 240656 tons on Tuesday, a daily decrease of 1527 tons, a continuous decline of 5 days; On 23 March, LME copper stocks were 227325 tonnes, down 550 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2005 contracts were 67973 lots, minus 537 lots per day, short positions were 75686 lots, daily minus 1065 lots, net short positions were 7713 lots, daily increase of 7713 lots, long and short were reduced, and net space increased
.
Intraday Shanghai copper main force 2005 high opening pullback
.
The global epidemic continues to spread, the epidemic in Europe and the United States shows a spreading trend, and market worries still exist; At the same time, the epidemic affected the global supply chain, the terminal industry was greatly impacted, the total amount of copper used in automobiles in February fell by 78.
24% year-on-year, the downstream demand outlook is still pessimistic, and copper prices still lack upward momentum
.
However, the Fed's unlimited QE has become the most aggressive market intervention to date, causing inflation expectations to rise; And Hubei Province will gradually lift the control of the pipeline from Hubei, and China's epidemic prevention and control has achieved results, which is conducive to the restoration of economic vitality and the support below copper prices has been strengthened
.
In terms of spot, the market is still cautious, the downstream maintains an appropriate amount of bargain buying, traders still intend to receive goods for a low discount to close long orders to buy and sell cash, intraday market transaction improvement is more obvious
.
Technically, the main 2005 contract of Shanghai copper reduced its position, and the mainstream short position reduction was large, and it is expected that the short-term shock adjustment
.
