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On Thursday, the main 2101 contract of Shanghai copper opened low and fluctuated, with the highest 57330 yuan / ton and the lowest 56500 yuan / ton within the day, and the closing price of 56870 yuan / ton, down 0.
58% from the previous trading day's closing price; Externally, LME copper fell under pressure, and as of 15:00 Beijing time, the three-month London copper was reported at $7644 / ton, down 0.
40%
on the day.
Market focus: (1) The number of ADP payrolls in the United States increased by only 307,000 in November, less than the expected 430,000 and less than the expected 365,000
.
(2) U.
S.
House Speaker Pelosi and Senate Democratic leader Schumer called for immediate negotiations on an economic stimulus package, and the $908 billion bipartisan proposal should be used as the basis
for negotiations.
Spot analysis: On December 3, spot 1# electrolytic copper was quoted at 57180-57320 yuan / ton, and the average price was 57250 yuan / ton, flat
.
Yangtze River Nonferrous Metal reported that holders continued to hold prices, the market wait-and-see sentiment was strong, downstream just demand was the mainstay, and the transaction was light
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 29,259 tons on Thursday, a daily decrease of 970 tons; On 2 December, LME copper stocks were 149675 tonnes, down 250 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2101 contract were 77252 lots, minus 3833 lots, short positions were 83493 lots, daily minus 3548 lots, net short positions were 6241 lots, daily increase of 285 lots, long and short were reduced, net short increased
.
Market research and judgment: Shanghai copper 2101 opened low on December 3
.
The US dollar index extended weakness
on the gloomy November ADP data and rising expectations of a new stimulus package.
The supply of upstream copper mines remained tight, copper ore processing fees TC remained low, and smelter production costs were high; The downstream demand of the copper market has improved, driving the inventory to continue to degrade, and the current Shanghai copper inventory has reached a low level in nearly six years, which has strong support for copper prices
.
However, domestic smelting production shows an upward trend, coupled with the recent rise in copper prices, downstream procurement fear of heights has increased, inventory decline may slow down, copper price upward momentum can weaken.
Technically, the Shanghai copper 2101 contract contraction and position reduction continued to pullback, long and short trading tends to be cautious, and it is expected that the short-term continuation of the adjustment
.
