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On Tuesday, the main 2005 contract of Shanghai copper opened high and fell, with the highest of 39,600 yuan / ton, the lowest of 39,120 yuan / ton, and the closing price of 39,150 yuan / ton, up 1.
11% from the closing price of the previous trading day; In the external market, LME copper opened high, as of 15:00 Beijing time, the three-month London copper was reported at 4839 US dollars / ton, up 1.
73%
on a daily basis.
Market focus: (1) China's manufacturing PMI in March was 52.
0%, up 16.
3 percentage points from the previous month; the non-manufacturing PMI was 52.
3%, up 22.
7 percentage points
from the previous month.
(2) The president of the state-owned Polish Copper Group, one of the world's major copper and silver producers, said that the company's break-even point is $5,100-5,200 per tonne, and copper prices have fallen below $
5,000.
Spot analysis: On March 31, spot 1# electrolytic copper was quoted at 39370-39500 yuan / ton, with an average price of 39435 yuan / ton, a daily increase of 810 yuan / ton
.
Traders continue to enter the market to receive goods, market inquiry buying positive, the second trading session, the market rush to the stock temporarily stabilized, intraday futures now rising, market transactions led by traders, the market in the rebound pattern and rising tide, chasing sentiment gradually cautiously suppressed
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 223388 tons on Tuesday, a daily decrease of 536 tons, a 10-day decline; On March 30, LME copper stocks were 222,900 tons, down 825 tons per day, and fell for 8 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2005 contract are 73745 lots, 479 lots per day, 77622 short positions, daily increase of 1212 lots, net short positions of 3877 lots, daily increase of 1691 lots, more short increases, net space increase
.
On March 31, 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 the Federal Reserve expects employment to decrease by 47 million; 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 manufacturing PMI returned to the expansion range in March, indicating that with the improvement of the domestic epidemic situation, the resumption of work and production of enterprises has accelerated significantly, which is conducive to the recovery of downstream demand, and the recent downward trend in Shanghai copper inventories has strongly supported copper prices
.
In terms of spot, intraday futures rose together, market transactions were mainly led by traders, and the market was gradually cautiously suppressed
under the rebound pattern and rising tide.
Technically, Shanghai copper main 2005 contract daily MACD golden cross signs, the 5-day moving average crossed the 10-day moving average, is expected to be strong
short-term volatility.
