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On Tuesday, the main 2006 contract of Shanghai copper fell slightly, with the highest 41970 yuan / ton and the lowest 41570 yuan / ton within the day, and the closing price of 41750 yuan / ton, down 0.
07% from the closing price of the previous trading day; In the external market, LME copper opened high, as of 15:00 Beijing time, 3-month London copper was reported at 5179 US dollars / ton, up 2.
92%
on a daily basis.
Market focus: (1) China's imports and exports in March were 2.
45 trillion yuan, down 0.
8% year-on-year, of which exports were 1.
29 trillion yuan, down 3.
5% year-on-year, and imports were 1.
16 trillion yuan, up 2.
4% year-on-year (2) The current Peruvian state of emergency has been extended to April 26, the Peruvian Antamina mine has suspended operations, and Freeport said on Monday that the Peruvian CerroVerde copper mine has begun operations
.
As of April 10, the copper ore processing fee TC was $60.
5/ton, down $2/ton
weekly.
Spot analysis: On April 14, spot 1# electrolytic copper was quoted at 41820-42020 yuan / ton, with an average price of 41920 yuan / ton, a daily increase of 970 yuan / ton
.
Traders inquired actively in the morning, the spot market stalemate remained unchanged, the market continued the previous day's quotation, the trading atmosphere slightly improved compared with the previous day, the downstream maintained rigid demand, the holder's quotation also remained unchanged, some traders have a low price, but the pressure space is limited
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 171841 tons on Tuesday, a daily decrease of 1516 tons, a continuous decline of 19 days; On April 9, LME copper stocks stood at 260275 tonnes, up 425 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract were 68783 lots, a daily increase of 2087 lots, short positions were 80930 lots, a daily increase of 2514 lots, a net short position of 12147 lots, a daily increase of 427 lots, long and short increases, and net space increased
.
As the global epidemic continues to spread, copper mine production in South America will decline, transportation restrictions will also lead to a decline in China's scrap copper imports, and the tight supply of raw materials will continue; And the production of processing enterprises has basically recovered, downstream demand has improved, and the recent Shanghai copper inventory has shown a downward trend; Coupled with China's March import data significantly better than expected, market optimism warmed up, and copper price support increased
.
However, under the impact of the epidemic, overseas orders have decreased, which has put some pressure
on copper prices.
Technically, the mainstream long position of the main 2006 contract of Shanghai copper increased its position significantly, focusing on the support of the 5-day moving average, and it is expected that the short-term shock will be strong
.
Operationally, it is recommended that the Shanghai copper 2006 contract can be long around 41500 yuan / ton, and the stop loss is 41200 yuan / ton
.
