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On Tuesday, the main 2106 contract of Shanghai copper continued to rise sharply, with the highest 72820 yuan / ton and the lowest 71030 yuan / ton within the day, and the closing price of 72480 yuan / ton, up 2.
11% from the closing price of the previous trading day; LME copper continued its strong performance, as of 15:00 Beijing time, the three-month London copper was reported at $9909/ton, up 1.
34%
on a daily basis.
Market focus: (1) The Fed's two-day meeting, which will begin on Tuesday, is expected to release some policy signals on whether the employment situation affects its plan
to maintain near-zero interest rates for an extended period of time and continue the pace of $120 billion monthly bond purchases.
(2) Biden will announce a plan to Congress on Wednesday that would raise tax rates on income, investments and inheritance for wealthy Americans to their highest level in more than four decades
.
(3) Recently, the Central Fourth Ecological Environmental Protection Supervision Group was stationed in Jiangxi Province for one month, and it is reported that scrap copper rod enterprises in most areas of Guixi Area of Jiangxi began to stop production, and the date of resumption of production is unknown
.
Spot analysis: On April 27, spot 1# electrolytic copper was quoted at 71680-72050 yuan / ton, with an average price of 71865 yuan / ton, a daily increase of 1925 yuan / ton
.
Yangtze River Nonferrous Metal reported that the willingness of cargo holders to exchange cash is strong, and the downstream is afraid of heights and wait-and-see, and the overall transaction is weak
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 127741 tons on Tuesday, an increase of 1598 tons per day, an increase of 4 consecutive days; On April 26, LME copper stocks were 155,100 tons, down 650 tons per day, and fell for 8 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract 105058 lots, a daily increase of 235 lots, short positions of 122334 lots, a daily increase of 803 lots, a net short position of 17276 lots, a daily increase of 568 lots, both long and short increases, net space increases
.
Market research and judgment: Shanghai copper 2106 continued to rise
sharply on April 27.
Strong Eurozone PMI data, indicating that the economic recovery is accelerating, the euro rally strengthened, coupled with Canada taking the lead in tightening monetary policy to boost the Canadian dollar, the dollar index came under pressure; And the world's major economies are expected to maintain the recovery momentum, and the economic outlook remains optimistic
.
Upstream domestic copper mine inventories have rebounded slightly, copper mine TC has also stabilized, superimposed copper mine new capacity is expected to be put on one after another, copper mine supply is expected to improve, but short-term smelters are still facing high cost pressure
.
At present, copper inventories maintain a slight downward trend, and the next need to show signs of recovery, which strengthens
the support for copper prices.
Technically, the Shanghai copper 2106 contract increased its position, and the daily MACD rose, and the short-term shock is expected to be strong
.
