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On Monday, the main 2106 contract of Shanghai copper rose sharply, with the highest 71130 yuan / ton and the lowest 69550 yuan / ton during the day, and the closing price was 70980 yuan / ton, up 2.
22% from the closing price of the previous trading day; Externally, LME copper rose sharply, and as of 15:00 Beijing time, the three-month London copper was quoted at $9,675 / ton, up 1.
33%
per day.
Market focus: (1) The preliminary manufacturing PMI of the Eurozone recorded 63.
3 in April, 62.
5 in the previous month, and 62
expected.
The preliminary US manufacturing PMI for April was 60.
6 vs 59.
1
previously.
(2) On April 23, China's copper concentrate port inventory was 559,000 tons, down 10,000 tons from last week; China's copper ore processing fee TC was 31 US dollars / dry ton, up 1.
7 US dollars / dry ton
from last week.
(3) On April 26, the spot inventory of electrolytic copper in the Chinese market was 320,700 tons, down 07,200 tons from last Monday and 02,000 tons
from last Thursday.
Spot analysis: On April 26, spot 1# electrolytic copper quotation was 69840-70040 yuan / ton, the average price was 69940 yuan / ton, a daily increase of 300 yuan / ton
.
Changjiang Nonferrous Metal reported that the cargo holders have a strong willingness to exchange cash, the downstream procurement is cautious, and the overall transaction is quiet
.
Warehouse receipt inventory: the total amount of Shanghai copper warehouse receipts on Monday was 126143 tons, an increase of 400 tons per day; On April 23, LME copper stocks were 155,750 tons, down 3,225 tons per day, down for seven consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract 104823 lots, a daily increase of 3189 lots, short positions of 121531 lots, a daily increase of 4974 lots, a net short position of 16708 lots, a daily increase of 1785 lots, long and short increases, net space increases
.
Market research and judgment: Shanghai copper 2106 rose sharply on April 26
.
Eurozone preliminary April PMI performance was better than expected, indicating that the economic recovery in the region is accelerating, the euro has strengthened and the dollar index is under pressure; And the world's major economies are expected to maintain the recovery momentum, and the economic outlook remains optimistic
.
Upstream domestic copper mine inventories have rebounded slightly, copper mine TC has also stabilized, superimposed copper mine new capacity is expected to be put on one after another, copper mine supply is expected to improve, but short-term smelters are still facing high cost pressure
.
At present, copper inventories maintain a slight downward trend, and the next demand shows signs of recovery, which has strong support for copper prices
.
Technically, the Shanghai Copper 2106 contract increased its position, breaking through the previous high, and it is expected that the short-term shock will be strong
.
