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On Monday, the main 2106 contract of Shanghai copper opened high, with the highest 73320 yuan / ton and the lowest 72180 yuan / ton within the day, and the closing price of 73240 yuan / ton, up 1.
88% from the previous trading day's closing price; LME copper extended its gains, as of 15:00 Beijing time, the three-month London copper was at $10,014.
5 / ton, up 0.
83%
on a daily basis.
Market focus: (1) Fed officials said that despite the government's approval of an unprecedented fiscal spending plan in response to the pandemic, inflation in the United States is unlikely to spiral out of control
.
(2) On Wednesday, the 5-year breakeven inflation rate topped 2.
7%, its highest level
since July 2008.
(3) Chile's National Copper Commission reported that Chile's copper production in March was 488,700 tons, down 1.
2%
year-on-year.
(4) A joint statement released by satellite services company SAVANT and broker Marex said that the global dispersion index reflecting smelting activity averaged 43.
6 in April, up from 39.
8
in March.
Spot analysis: On May 6, the spot 1# electrolytic copper quotation was 72600-73000 yuan / ton, the average price was 72800 yuan / ton, and the daily increase was 1110 yuan / ton
.
Traders are afraid to wait and see, downstream to maintain rigid demand, and overall trading is limited
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 135,730 tons on Monday, a daily increase of 799 tons, an increase of 8 consecutive days; On May 5, LME copper stocks were 132775 tons, down 4,625 tons per day, down for 14 consecutive days
.
As of the week ended April 30, the previous period of Shanghai copper stocks reported 199,870 tons, a weekly decrease of 2,567 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract are 92614 lots, minus 2462 lots per day, short positions are 110693 lots, daily increase of 193 lots, net short positions are 18079 lots, daily increase of 2655 lots, more short increases, net short increases
.
Market research and judgment: Shanghai copper 2106 opened high and went
high on May 6.
The vice chairman of the US Federal Reserve said that now is not the time to discuss tapering bond purchases, and the dollar index has been hindered to the upside; At the same time, the world's major economies are expected to maintain their recovery momentum, and the economic outlook remains optimistic
.
Upstream copper processing fees have stabilized, but feedstock costs remain high and the extension of Chile's border closures until the end of May could affect mining activity
.
While higher copper prices eased pressure on the cost side, smelting activity picked up
in April.
Downstream demand has gradually picked up recently, domestic copper inventories have declined, economic recovery is expected to accelerate demand growth, copper market supply is expected to tighten, supporting copper prices
.
Technically, the mainstream position of the Shanghai copper 2106 contract increased and decreased more, focusing on the support of the 5-day moving average, and it is expected that the short-term shock will be strong
.
