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On Thursday, the main 2108 contract of Shanghai copper opened high and fell, with the highest 69660 yuan / ton and the lowest 68300 yuan / ton during the day, and the closing price of 68480 yuan / ton, down 0.
16% from the closing price of the previous trading day; LME copper continued to rise, as of 15:00 Beijing time, the three-month London copper was reported at 9365.
5 US dollars / ton, down 1.
29%
on the day.
Market Focus: (1) Atlanta Fed President Bostic said on Wednesday that the forecast for the first action was brought forward to the end
of 2022 given the higher-than-expected recent data.
Two moves
are expected in 2023.
(2) The preliminary Markit manufacturing PMI in the United States in June was 62.
6, higher than the expected 61.
5 and the previous value of 62.
1, a record high
.
(3) The U.
S.
Senate reached a framework agreement on an infrastructure investment plan, which is scheduled to be presented to the White House
on Thursday.
Spot analysis: On June 24, spot 1# electrolytic copper quotation 68480-68800 yuan / ton, the average price of 68640 yuan / ton, daily increase of 420 yuan / ton
.
Yangtze River Nonferrous Metal Network reported that the downstream is cautious and wait-and-see, just need to purchase, the holders are hesitant to sell and wait and see, the transaction is relatively deadlocked, and the trading volume is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts within the day was 103436 tons, a daily decrease of 961 tons, a continuous decrease of 7 days; On June 23, LME copper stocks were 159,800 tonnes, down 1,150 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2108 contract 70376, +3963, short positions 70538, +2704, net positions -162, +1259, long and short increased, net space decreased
.
Market research: Fed Kaplan said that the Fed is expected to raise interest rates for the first time in 2022, the US economy may reach the threshold for the Fed to taper asset purchases sooner than expected, and the hawkish comments of Fed officials have slowed
the decline in the dollar index.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved
.
However, the recent increase in refinery maintenance and the close import window have led to a decline
in copper production and imports.
At present, the downstream demand performance is not good, most of them are bargained on-demand, and the demand off-season is gradually approaching, and the upward movement of copper prices is weak
.
