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LME copper opened low and continued to fall on Tuesday, as of 15:00 Beijing time, the three-month London copper was reported at $5791.
5 / ton, down 0.
52%
on the day.
The main 2004 contract of Shanghai copper opened low and fluctuated, with the highest of 46440 yuan / ton, the lowest 46240 yuan / ton, and the closing price of 46270 yuan / ton, down 0.
47% from the closing price of the previous trading day; The trading volume was 43,655 lots, and the daily decrease was 12,341 lots; The position was 110,500 lots, a daily decrease of 221 lots
.
The basis was expanded to -320 yuan/ton; The price difference of Shanghai copper in 2003-2004 widened to -150 yuan / ton
.
Market focus: (1) The UK says it is unfair to make the UK comply with EU rules and goes beyond the conditions
set by the EU in other trade agreements.
(2) BHP Billiton said that the company's copper production in fiscal year 2020 is expected to be 170.
5 tons to 182 tons
.
Spot analysis: On February 18, spot 1# electrolytic copper was quoted at 45900-46000 yuan / ton, with an average price of 45950 yuan / ton, a daily increase of 110 yuan / ton
.
Downstream enterprise inquiries increased during the day, but the receipt of goods is still limited by logistics factors and can not be carried out, holders have no choice but to appear a large area of reduction, copper in the slow rise, spot but discount all the way expanded, in the epidemic has not appeared inflection point, logistics is not smooth preconditions do not change the background, the pattern of oversupply will make the copper market period strong and weak characteristics continue
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 159215 tons on Tuesday, a daily increase of 2,938 tons, an increase of 15 consecutive days; On February 17, LME copper stocks were 161,400 tons, down 975 tons per day, down for five consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2004 contract were 65260 lots, an increase of 71 lots per day, short positions were 82395 lots, a daily increase of 129 lots, net short positions were 17135 lots, a daily increase of 58 lots, long and short increased, and net short increased
.
Market research and judgment: On February 18, the main force of Shanghai copper 2004 opened low.
China's central bank on Monday invested 200 billion yuan in medium-term funds and cut interest rates by 10 basis points; The national epidemic situation is showing a downward trend, and downstream copper companies have started work one after another, which is conducive to demand recovery and supports
copper prices.
However, the UK-EU trade negotiations are uncertain, and the pound and the euro are under pressure, which makes the US dollar continue to be strong; And the recent Shanghai copper inventory continued immediately, reaching a three-year high, limiting the upward momentum
of copper prices.
In terms of spot, the inquiry of downstream enterprises increased during the day, but the receipt of goods was still limited by logistics factors and could not be carried out, and the holders had no choice but to have a large-scale reduction, and the copper was slowly rising, but the spot was expanding
all the way.
Technically, Shanghai copper main 2004 contract daily MACD golden cross signs, mainstream positions increase and decrease, is expected to recover in the short term
.
