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LME copper opened low and fell on Monday, and as of 15:00 Beijing time, the three-month London copper was reported at $5327 / ton, down 2.
32%
on a daily basis.
The main 2004 contract of Shanghai copper fell sharply, with the highest 43440 yuan / ton and the lowest 42500 yuan / ton within the day, and the closing price of 42520 yuan / ton, down 2.
30% from the closing price of the previous trading day; The trading volume was 58,058 lots, and the daily decrease was 20,539 lots; The position was 127,100 lots, an increase of 355 lots
per day.
The basis was expanded to 660 yuan/ton; The price spread of Shanghai copper widened at -110 yuan / ton
in 2004-2005.
Market focus: (1) On the 15th local time, the Federal Reserve reduced the federal benchmark interest rate by 100 basis points to the level of 0.
00%-0.
25%, and announced that it would restart quantitative easing
.
Spot analysis: On March 16, spot 1# electrolytic copper was quoted at 43130-43230 yuan / ton, with an average price of 43180 yuan / ton, a daily increase of 430 yuan / ton
.
The market transaction is not smooth, the holder in the case of abundant supply, temporarily difficult to digest, the first to start from flat water copper price reduction, at the end of the afternoon, low discount flat water copper favored by some long-term single users, flat water copper bargain buying temporarily stabilized
.
Warehouse receipt inventory: the total amount of Shanghai copper warehouse receipts on Monday was 245306 tons, an increase of 6,008 tons per day; On March 13, LME copper stocks were 183,700 tons, down 3,750 tons per day, down for 12 consecutive days
.
As of the week ended March 13, the stock of copper cathode on the Shanghai Futures Exchange was 380085 tons, a weekly increase of 34,959 tons, an increase of eight consecutive weeks
.
Main positions: the top 20 long positions of Shanghai copper main 2004 contract were 86555 lots, an increase of 1144 lots per day, short positions were 98353 lots, a daily increase of 60 lots, net short positions were 11798 lots, a daily decrease of 1084 lots, long and short positions increased, and net space decreased
.
The main force of Shanghai copper fell sharply in 2004
.
The global epidemic situation continues to intensify, the impact of the epidemic on the global supply chain will continue to expand, the possibility of recession will increase, and the market panic will accelerate the spread; At the same time, domestic copper smelting capacity is still showing an expansion trend, while downstream demand is still weak, it still takes time for terminal industry production to recover, and Shanghai copper inventories continue to accumulate, putting greater pressure on copper prices
.
However, the Fed suddenly announced a 100 basis point interest rate cut at the end of last week, and global central banks will further ease monetary policy; China's epidemic control has achieved remarkable results, which is conducive to accelerating economic recovery and partially supporting
copper prices.
In terms of spot, copper fell endlessly on Friday, the market fear continued to pervade, spot traders and downstream are standing, in the face of the month's delivery countdown can not save the decline of spot premium, but the upcoming month will be re-ushered in the discount state is expected
.
Technically, the main 2004 contract of Shanghai copper runs below the moving average group, and the daily MACD green column increment is expected to continue to decline in the short term
.
