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On Tuesday, the main 2106 contract of Shanghai copper fluctuated at a high level, with a maximum of 69,750 yuan / ton, a minimum of 69,000 yuan / ton, and a closing price of 69,450 yuan / ton, down 0.
30% from the previous trading day's closing price; LME copper continued to rise, as of 15:00 Beijing time, the three-month London copper was reported at $9433 / ton, up 1.
19%
per day.
Market focus: (1) Several European countries decided to ease restrictions and reopen some venues
such as visiting and bar decks.
(2) According to my nonferrous metal network, on April 19, China's spot inventory of electrolytic copper was 328,300 tons, down 05,500 tons from last Monday and 01,500 tons
from last Thursday.
Spot analysis: On April 20, spot 1# electrolytic copper was quoted at 6880-69030 yuan / ton, with an average price of 68940 yuan / ton, a daily increase of 740 yuan / ton
.
Yangtze River Nonferrous Metal reported that traders mainly shipped, downstream procurement was general, and trading performance was deadlocked
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 124728 tons on Tuesday, a daily decrease of 527 tons; On April 19, LME copper stocks were 163,050 tonnes, down 2,325 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract 107439 lots, an increase of 74 lots per day, a short position of 116653 lots, a daily increase of 965 lots, a net short position of 9214 lots, a daily increase of 891 lots, an increase of both long and short, and an increase
in net short.
Market research and judgment: Shanghai copper 2106 high volatility on April 20
.
The decision of many European countries to ease epidemic restrictions, coupled with the promotion of vaccination, boosted the prospects of European economic recovery, weighed
on the US dollar index.
And the United States plans to implement a large-scale infrastructure plan this year, which is also positive for risk sentiment
.
Upstream Chile's recent border closure due to the epidemic, coupled with Peru's February copper mine production decline month-on-month, domestic copper mine supply tightened, processing fee TC remained low, putting pressure
on smelter production.
Recently, domestic copper spot inventories have shown a downward trend, and with the arrival of the traditional demand season, there is an expectation of tight supply in the future market, which has strengthened the support for copper prices
.
Technically, the mainstream short positions of the Shanghai copper 2106 contract increased significantly, focusing on the support of the 5-day moving average, and it is expected that the short-term high adjustment
.
