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LME copper opened high on Tuesday, and as of 15:00 Beijing time, the three-month London copper was at $5320.
5 / ton, up 0.
67%
on a daily basis.
The main 2005 contract of Shanghai copper first fell and then rose, with the highest 43020 yuan / ton and the lowest 42130 yuan / ton within the day, and the closing price of 42630 yuan / ton, unchanged from the closing price of the previous trading day; The trading volume was 120081 lots, with a daily increase of 21949 lots; The position was 119,300 lots, a daily decrease of 4,659 lots
.
The basis was reduced to -470 yuan/ton; The price spread of Shanghai copper in 2004-2005 narrowed to -120 yuan / ton
.
Market focus: (1) On the 16th local time, US President Trump said that the epidemic may last longer and warned that the US economy may fall into recession
.
Spot analysis: On March 17, spot 1# electrolytic copper was quoted at 42020-42300 yuan / ton, with an average price of 42160 yuan / ton, down 1020 yuan / ton
per day.
In the morning, the market inquiry was positive, the market response was cautious, the fear of falling psychology spread, spot buying was weak, the holder took the initiative to adjust the quotation slightly to seek the transaction, the transaction improved, the decline in the market did not stop, the downstream bargain buying appropriately, the market cautious stopped more
.
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 16, LME copper stocks were 179725 tons, down 3,975 tons per day, down for 13 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2005 contract are 71021 lots, a daily increase of 122 lots, short positions are 81831 lots, a daily decrease of 2282 lots, a net short position of 10810 lots, a daily decrease of 2404 lots, more short increases, and a decrease
in net space.
The main force of Shanghai copper in 2005 first fell and then rose
.
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 still shows an expansion trend, while downstream demand is still weak, terminal industry demand is greatly impacted, Shanghai copper inventory is approaching a historical high, and the pressure on copper prices is greater
.
However, the People's Bank of China implemented targeted RRR reduction measures on the 16th, and the global central bank will further ease monetary policy; Moreover, China's epidemic control has achieved remarkable results, which is conducive to accelerating economic recovery and forming some support
for copper prices.
In terms of spot, the morning market inquiry is positive, the market response is cautious, fear of falling psychology spreads, spot buying is weak, holders take the initiative to slightly adjust the quotation to seek transactions, the transaction has improved, the decline in the market has not stopped, downstream bargain hunting appropriate buying, the market cautious stop increases
.
Technically, the main 2005 contract of Shanghai copper runs below the moving average group, and the mainstream position increases and decreases, and it is expected to fluctuate
at a short-term low.
