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On Monday, the main 2006 contract of Shanghai copper opened high and volatile, with the highest 42880 yuan / ton and the lowest 42240 yuan / ton during the day, and the closing price of 42490 yuan / ton, up 1.
70% from the closing price of the previous trading day; In the external market, LME copper rushed back down, as of 15:00 Beijing time, 3-month London copper was reported at 5232 US dollars / ton, up 0.
85%
on the day.
Market focus: (1) The Congressional Budget Office (CBO) on Friday predicted that the U.
S.
economy will shrink by nearly 40% annually in the second quarter, and even next year, the average unemployment rate will be above
10%.
(2) Yunnan Province plans to carry out commercial storage and storage of key non-ferrous metal products such as copper, aluminum, lead, zinc, tin, germanium, indium and so on in the province, with a total storage volume of about 800,000 tons and a storage time of one year
.
Spot analysis: On April 27, spot 1# electrolytic copper was quoted at 42700-43020 yuan / ton, with an average price of 42860 yuan / ton, a daily increase of 750 yuan / ton
.
More stop and see, a small amount of downstream just demand, although traders have the willingness to receive goods, but the quotation is still difficult to reach the desired target price, wait and see stop
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 119306 tons on Monday, a daily decrease of 12,822 tons, a continuous decline of 28 days; On April 24, LME copper stocks stood at 262,600 tonnes, down 825 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 74327 lots, a daily increase of 530 lots, short positions are 83000 lots, a daily increase of 2769 lots, a net short position of 8673 lots, a daily increase of 2239 lots, long and short increases, and net space increases
.
The cumulative number of confirmed cases in the world continues to spread, the market's concerns about the economic outlook are difficult to dissipate in the short term, and the weak demand performance will continue, limiting the upward momentum of copper prices
.
However, the current tight supply of upstream copper mines is gradually emerging, coupled with the weak price of sulfuric acid, resulting in further upward smelting costs; Coupled with Yunnan Province's planned storage and storage, market confidence has been boosted and copper price support has been strengthened
.
In terms of spot, more stops and waits during the day, a small amount of downstream just demand, although traders have the willingness to receive goods, but the quotation is still difficult to reach the desired target price, wait and see stop
.
Technically, the mainstream long position of the main 2006 contract of Shanghai copper increased its position greatly, testing the resistance at the 43000 position, and it is expected that the short-term shock will be strong
.
