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On Thursday, the main 2106 contract of Shanghai copper opened low and fluctuated, with the highest 76720 yuan / ton and the lowest 75390 yuan / ton within the day, and the closing price of 75970 yuan / ton, down 1.
45% from the closing price of the previous trading day; LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper was reported at 10437.
5 US dollars / ton, up 0.
26%
on the day.
Market focus: (1) The US CPI increased by 4.
2% year-on-year in April, the largest year-on-year increase since September 2008
.
After the video and energy prices were presented, the core CPI increased by 0.
9% month-on-month, the largest increase since April 1982
.
(2) Chile's state-owned copper mine Codelco announced Wednesday that the $1.
4 billion El Salvador copper mine project will break ground to extend the mine's life until 2068
.
Spot analysis: On May 13, spot 1# electrolytic copper was quoted at 75780-76160 yuan / ton, with an average price of 75970 yuan / ton, down 40 yuan / ton
per day.
Holders are willing to sell at high prices, and the willingness to receive goods is high, and the transaction has improved
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 162,730 tons on Thursday, an increase of 8,521 tons per day, an increase of 13 consecutive days; On May 12, LME copper stocks were 115,950 tons, down 2,925 tons per day, down 19 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract were 83305 lots, with a daily increase of 838 lots, short positions of 93877 lots, a daily decrease of 4161 lots, a net short position of 10572 lots, a daily decrease of 4999 lots, more increase and short, and a decrease
in net space.
Market research and judgment: Shanghai copper 2106 opened low on May 13
.
The US CPI data for April rose the most since 2009 and exceeded expectations, while US Treasury yields rose further, the Federal Reserve's claim that the acceleration in inflation was only temporary, and the dollar index recovered
from its lows.
Upstream copper processing fees TC have stabilized, but they are still low, and Chilean copper mines are again at risk of strikes, and copper supply is still tight
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and smelting activity picked up in April; And domestic downstream demand is still weak, the operating rate of copper enterprises has declined year-on-year, domestic inventories have continued to grow, and copper prices have weakened
.
Technically, the mainstream position of the Shanghai copper 2106 contract increased and shortened, focusing on the 75000 position support, and it is expected that the short-term shock adjustment
.
