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On Tuesday, the main 2102 contract of Shanghai copper fell slightly, with the highest 58550 yuan / ton in the day, the lowest 57710 yuan / ton, and the closing price of 58110 yuan / ton, down 0.
09% from the closing price of the previous trading day; In the external market, LME copper recovered slightly, as of 15:00 Beijing time, the three-month London copper was reported at $7925 / ton, up 0.
88%
per day.
Market focus: (1) After the emergence of a variant of the new crown virus in the UK, more than 58,000 new cases were added on the 4th local time, a new one-day high
.
British Prime Minister Boris Johnson announced England's third nationwide lockdown until at least mid-February
.
Spot analysis: On January 5, spot 1# electrolytic copper was quoted at 58020-58220 yuan / ton, with an average price of 58120 yuan / ton, a daily increase of 65 yuan / ton
.
Yangtze River Nonferrous Metal reported that cargo holders shipped at high prices, traders were cautious and wait-and-see, and downstream consumption was not obvious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 31,954 tons on Tuesday, a daily decrease of 1,153 tons; On January 4, LME copper stocks were 105,800 tons, down 2,150 tons per day, down for 17 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2102 contract were 59573 lots, minus 1465 lots per day, short positions were 67064 lots, daily increase of 746 lots, net short positions were 7491 lots, daily increase of 2211 lots, more short positions increased, net short increased
.
Market research and judgment: Shanghai copper 2102 volatility fell
slightly on January 5.
Due to the continuous spread of the epidemic, the UK announced the third full-territory lockdown until mid-February, and the possibility of the epidemic continuing to worsen into the winter increased, weighing on market risk sentiment; However, the dollar index continued to be weak
in anticipation of the US maintaining accommodative monetary policy.
The upstream domestic copper mine supply is tight, the domestic copper mine inventory is low, and the recent slight reduction in copper processing fee TC has made the smelting cost high, but the import volume of scrap copper in November increased significantly, and the refined waste price spread widened, and the substitution role will gradually increase; The downstream market demand performance is acceptable, Shanghai copper inventories remain low, and there is limited
space below copper prices.
