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On Tuesday, the main 2108 contract of Shanghai copper opened low and fluctuated, with the highest 68370 yuan / ton and the lowest 67400 yuan / ton during the day, and the closing price of 68130 yuan / ton, down 0.
89% from the closing price of the previous trading day; LME copper recovered slightly, as of 15:00 Beijing time, the three-month London copper was reported at $9273.
5 / ton, up 0.
86%
per day.
Market focus: (1) Global cases of the Delta variant of the new coronavirus have risen again, and several major European countries have been forced to reimpose pandemic restrictions, although the United Kingdom lifted most of the remaining restrictions
on Monday.
(2) According to the National Bureau of Statistics, China's refined copper production in June increased by 2.
6% from the same period last year to 837,000 tons; from January to June, China's refined copper output was 5.
154 million tons, an increase of 12.
2%
compared with the same period last year.
Spot analysis: On July 20, SMM spot 1# electrolytic copper quotation was 68140-68540 yuan / ton, the average price was 68340 yuan / ton, down 880 yuan / ton
per day.
Changjiang Nonferrous Metal Network reported that cargo holders generally shipped at high prices, downstream consumption was not active, the receiver was cautious, and the overall transaction was quiet
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 62,582 tons, a daily decrease of 4,697 tons, a continuous decline of 25 days; LME copper stocks were 225,650 tonnes, down 650 tonnes
per day.
Main position: Shanghai copper main 2108 contract top 20 long positions 63885, -348, short positions 71271, -548, net positions -7386, +200, long and short are reduced, net space is reduced
.
Market research and judgment: the US retail sales data in June significantly exceeded expectations, supporting the expectation of acceleration of US economic growth, and the US dollar index was running strongly; And the global new crown variant virus spread, infection cases rebounded, making risk aversion heated
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved; China's copper dumping in June was limited, and the market was on
the sidelines for subsequent batches.
Refinery overhauls have increased recently, production remains constrained, and inventories remain declining; However, the import window is almost open, the pressure of supply imports has increased, and the upward momentum of copper prices is limited
.
