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On Tuesday, the main 2105 contract of Shanghai copper opened high and low, with the highest 67670 yuan / ton and the lowest 66850 yuan / ton during the day, and the closing price was 67010 yuan / ton, down 0.
12% from the previous trading day's closing price; LME copper opened high, as of 15:00 Beijing time, 3-month London copper was reported at $9,007 / ton, up 2.
29%
on a daily basis.
Market focus: (1) The number of non-farm payrolls in the United States recorded an increase of 916,000 in March, far exceeding expectations and increasing by 647,000, the largest increase since August last year; the unemployment rate in the United States recorded 6% in March, unchanged from expectations, and the previous value was 6.
2%, continuing to hit a new low
since March last year.
(2) The US Markit services PMI recorded 60.
4 in March, a new high
since July 2014.
(3) According to my nonferrous metals, on April 2, China's copper concentrate port inventory was 532,000 tons, down 45,000 tons from last week; copper ore processing fee TC was 28.
5 US dollars / dry ton, down 1.
3 US dollars / dry ton
weekly.
(4) The Chilean government, a major copper-producing country, recently said it decided to close its borders to strengthen control of the new crown pneumonia epidemic
.
Spot analysis: On April 6, spot 1# electrolytic copper was quoted at 67040-67220 yuan / ton, with an average price of 67130 yuan / ton, a daily increase of 1245 yuan / ton
.
Traders are waiting and seeing, downstream demand is the mainstay, and transactions have declined
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 116866 tons on Tuesday, an increase of 1658 tons per day; LME copper stocks were 143775 tonnes on 1 April, down 725 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2105 contract are 78629 lots, minus 737 lots per day, short positions are 82988 lots, daily minus 912 lots, net short positions are 4359 lots, daily minus 175 lots, long and short are reduced, net short is reduced
.
Market research and judgment: Shanghai copper 2105 opened high and low on April 6
.
The US dollar index retreated
from the highest growth rate on record for March as expectations of a stronger recovery in the US economy were partially priced in.
Global copper smelting activity fell to its lowest
level in at least five years in March due to the closure of borders in Chile due to the pandemic, heightened concerns about copper mine supply and continued downward cuts in processing fee TCs.
At present, downstream demand is still weak, and domestic copper inventories have not yet entered a downward channel, but domestic demand is gradually recovering after the Spring Festival holiday, and the demand season is still expected, and copper prices continue to adjust.
Technically, the Shanghai copper 2105 contract returned above the moving average group, focusing on the resistance at the 68300 level, and the short-term volatility is expected to be strong
.
