The main force of Shanghai copper opened high and fell back and is expected to be strong in the short term

Market focus: (1) The cumulative number of confirmed cases of the global new crown epidemic exceeded 8.
89 million, and the number of new confirmed cases exceeded 120,000 per day, and the fear of the second wave of the epidemic intensified
.
(2) Mysteel data, as of June 19, China's port copper concentrate inventory was 527,000 tons, a weekly decrease of 67,000 tons, which has been reduced for 6 consecutive weeks; and the domestic copper ore processing fee TC recorded 51 US dollars / dry ton, a weekly decrease of 0.
5 US dollars / dry ton
.

Spot analysis: On June 22, spot 1# electrolytic copper was quoted at 47860-47940 yuan / ton, with an average price of 47900 yuan / ton, a daily increase of 420 yuan / ton
.
Recently, the supply of goods in Guangdong has been in a tight state, and inventories have gradually declined, and it is expected that the premium will remain at a high level
.
However, the high premium water has generally led to low inventory downstream to maintain just need procurement, and some companies have even said that they will overhaul in advance to cope with the current high premium situation
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 42,271 tons on Monday, a daily decrease of 6,305 tons, a decline of 4 consecutive days; On June 19, LME copper stocks were 236,600 tonnes, down 6,650 tonnes
per day.
As of the week of June 19, the previous Shanghai copper inventory reported 109969 tons, a weekly decrease of 18,162 tons, a five-week
decline.

Main positions: the top 20 long positions of Shanghai copper main 2008 contract are 69540 lots, a daily increase of 1508 lots, short positions are 74404 lots, a daily increase of 1268 lots, net short positions are 4864 lots, a daily decrease of 240 lots, long and short are increased, and the net space is reduced
.

On June 22, Shanghai copper 2008 opened high and retreated
.
The number of new coronavirus infections in the world continues to rise, and the risk of a secondary outbreak increases, which has heated up the market's risk aversion; At the same time, the domestic market has entered the traditional off-season, and downstream demand has weakened in stages, resulting in signs of recovery in Shanghai copper inventories, putting pressure
on copper prices.
However, global monetary easing has been increasing; Coupled with the intensification of upstream copper mine supply tension, copper ore processing fee TC continued to be reduced, production costs moved upward, and copper prices could move strongly
.
In terms of spot, the supply of goods in Guangdong has been in a tight state recently, and the downstream generally adopts low inventory to maintain just purchases, and some companies even said that they will overhaul in advance to cope with the current situation of high premium
.
Technically, the mainstream short positions of the Shanghai Copper 2008 contract increased significantly, focusing on the 10-day moving average support, which is expected to be strong
in the short term.