The main force of Shanghai copper opened high and pulled back, and the rebound height was temporarily suppressed

Market focus: (1) Goldman Sachs expects the Fed to cut interest rates by 50 basis points by March 18, and a further 50 basis points in the second quarter, for a total of 100 basis points
.
(2) In January 2020, the prosperity index of the non-ferrous metals industry was 24.
4, up 0.
1 percentage points from the previous month; the leading index was 81.
2, up 1.
9 percentage points from the previous month; and the consensus index was 73.
8, down 0.
5 percentage points
from the previous month.

Spot analysis: On March 3, spot 1# electrolytic copper was quoted at 45300-45380 yuan / ton, with an average price of 45340 yuan / ton, a daily increase of 560 yuan / ton
.
The market has the willingness to receive goods at a low price, but the willingness of the holders to hold the price is clear, and the market continues to recover some of the losses last week, but the rebound is highly temporarily suppressed, making some downstream buying sentiment cautious, the market initiative transaction enthusiasm weakened, the transaction heat is obviously not as good as the previous day, and the supply and demand sides are deadlocked
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 174182 tons on Tuesday, an increase of 2996 tons per day; On March 2, LME copper stocks stood at 216,950 tonnes, down 1,225 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2004 contract were 77481 lots, an increase of 556 lots per day, short positions were 93606 lots, a daily increase of 731 lots, net short positions were 16125 lots, a daily increase of 175 lots, long and short positions increased, and net space increased
.

Intraday Shanghai copper main force 2004 high opening pullback
.
The global epidemic is spreading, and the number of new confirmed cases in many countries is increasing rapidly, and the market is worried that the spread of the epidemic will intensify the impact on the global economy.
At the same time, China's downstream processing enterprises have resumed work slowly, demand still lacks significant improvement, and recent Shanghai copper inventories have shown an upward trend, putting pressure
on copper prices.
However, expectations of a 50 basis point interest rate cut by the Federal Reserve in March have heated up, and further interest rate cuts are expected in the second quarter, the US dollar is under pressure to the downside, and global monetary easing expectations have strengthened; At the same time, China's epidemic situation has improved, market vitality has gradually recovered, and the government plans to expand infrastructure investment, downstream demand is expected to improve significantly, and copper price support will be strengthened
.
In terms of spot, the market has the willingness to receive goods at a low price, but the willingness of holders to hold prices is clear, and the market continues to recover some of last week's losses, but the rebound is highly temporarily suppressed, making some downstream buyers cautious, and the market initiative transaction enthusiasm weakened
.
Technically, the main 2004 contract of Shanghai copper reduced its position, and the daily KDJ indicator golden cross, which is expected to continue to rise in short-term volatility
.