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On Wednesday, the main 2005 contract of Shanghai copper opened high and fell, with the highest 39,680 yuan / ton and the lowest 38,820 yuan / ton during the day, and the closing price of 39,000 yuan / ton, down 0.
38% from the closing price of the previous trading day; In the external market, LME copper fell sharply, as of 15:00 Beijing time, 3-month London copper was reported at 4824 US dollars / ton, down 2.
15%
on the day.
Market focus: (1) The cumulative number of confirmed cases in the United States exceeded 180,000, and Trump reminded that the next two weeks are "very painful"
.
(2) Indonesia issued a new batch of 1.
07 million tons of copper concentrate export license to Freeport Company, which is valid for one year
.
Spot analysis: On April 1, the spot 1# electrolytic copper quotation was 39540-39620 yuan / ton, the average price was 39580 yuan / ton, and the daily increase was 145 yuan / ton
.
The absolute value of copper prices in the early stage is low, and downstream replenishment is still positive, and the current rise in copper prices coupled with high rise in underwater buying is hesitant; Under the continuous high rise, the pace of traders' buying volume has also declined, there is some initiative and space to reduce prices, traders and downstream performance are cautious and wait-and-see, and the market is beginning to show risk aversion and waiting sentiment
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 216414 tons on Wednesday, a daily decrease of 6,974 tons, down 11 consecutive days; On March 31, LME copper stocks were 222225 tons, down 675 tons per day, and fell for nine consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2005 contracts are 74085 lots, a daily increase of 340 lots, short positions are 76484 lots, a daily decrease of 1138 lots, a net short position of 2399 lots, a daily decrease of 1478 lots, more increase and short, a decrease
in net space.
On April 1, the main force of Shanghai copper opened high and fell in 2005
.
The global epidemic continues to spread, with the number of confirmed cases in the United States still soaring, and Trump warned that the next two weeks will be painful; The global supply chain has been impacted by the epidemic, and the downstream demand outlook remains worrying, limiting the upward momentum
of copper prices.
However, China's State Council has decided to issue another batch of special local government debt quotas in advance, and the United States plans to push another $2 trillion in infrastructure construction; Coupled with the acceleration of the resumption of work and production of domestic enterprises, Shanghai copper inventories have recently declined, which has supported copper prices
.
In terms of spot, under the continuous high rise, the pace of traders' buying volume has also declined, there is some initiative and space for price reduction, traders and downstream performance are cautious and wait-and-see, and the market is beginning to show risk aversion
.
Technically, Shanghai copper main 2005 contract daily MACD indicator golden cross, mainstream short positions increase slightly larger, is expected short-term shock adjustment
.
