The main force of Shanghai copper opened high and upward, and the market still performed stagnantly

Market focus: (1) On the 5th, the number of confirmed cases in non-Hubei areas nationwide was 707, down for two consecutive days; The antiviral drug remdesivir has officially started clinical trials
.
(2) The number of ADP employees in the United States increased by 291,000 in January, exceeding market expectations by 156,000, and the previous value increased by 199,000
.
(3) In 2020, the total approved import volume of the third batch of copper scrap was 4,620 tons, and the cumulative approval volume of the first three batches is 302071 tons
.

Spot analysis: On February 6, the spot 1# electrolytic copper quotation was 45650-45850 yuan / ton, the average price was 45750 yuan / ton, and the daily increase was 510 yuan / ton
.
The intraday market did not have the dumping of goods for cash discount quotation in the previous days, the market performance was calmer than in previous days, most of the operating holders of the quotation remained stable, the market in the process of stopping the decline and stabilizing and rising, the spot market is still stagnant before the performance, although the market still has the willingness to buy on the dip, but the increase in trading activity will depend on the resumption of work and logistics opening notice
under the epidemic development report in the future market.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 89,272 tons on Thursday, an increase of 2,368 tons per day; LME copper stocks were 176575 tonnes on 5 February, down 1,750 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2003 contract were 70435 lots, minus 1246 lots per day, short positions were 81119 lots, daily minus 892 lots, net short positions were 10684 lots, daily increase of 354 lots, long and short were reduced, and net space increased
.

Market research and judgment: On February 6, the main force of Shanghai copper opened high in 2003
.
The number of confirmed cases in non-Hubei areas of the country fell for two consecutive days, the antiviral drug remdesivir has officially started clinical trials, market sentiment has improved, and copper prices can be
strengthened.
However, domestic copper stocks have continued to rise recently, and it is expected that with the improvement of logistics, the arrival of inventory will increase, and the accumulation of inventory will accelerate; In the United States, ADP employment increased by 291,000 in January, exceeding market expectations, and the dollar index continued to be strong, putting some pressure
on copper prices.
The third batch of imported copper scrap approvals fell further, but the overall total number of approvals in the first quarter is sufficient
.
In terms of spot, the intraday market did not have the previous days' dump for cash discount quotation, the market performance was calmer than in previous days, most of the operating holders quotations remained stable, the market in the decline to stabilize and rise, the spot market is still stagnant before the market, although the market still has the willingness to buy on the
dip.
Technically, Shanghai copper main 2003 contract daily KDJ gold cross signs, daily MACD green column retreat, is expected to be strong
short-term volatility.