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On Tuesday, February 4, LME copper opened higher, as of 15:00 Beijing time, the three-month London copper was reported at $5646 / ton, up 1.
53%
per day.
The main 2003 contract of Shanghai copper opened low and went high, with the highest 45290 yuan / ton and the lowest 44680 yuan / ton during the day, and the closing price was 45260 yuan / ton, up 0.
49% from the closing price of the previous trading day; The trading volume was 53234 lots, and the daily decrease was 36584 lots; The position was 107815 lots, an increase of 751 lots
per day.
The basis narrowed to -310 yuan/ton; The price difference of Shanghai copper in 2003-2004 narrowed to -220 yuan / ton
.
Market focus: (1) On the 4th, the People's Bank of China launched a reverse repurchase operation of 500 billion yuan in the form of interest rate bidding, and the operating interest rate was the same as the previous time, and the total liquidity released in the two days reached 1.
7 trillion yuan
.
(2) The U.
S.
ISM manufacturing PMI rose to 50.
9, the highest since July, and was revised upwards to 47.
8
in December.
(3) China's refined copper imports in December were 348,000 tons, an increase of 7.
82% year-on-year and a month-on-month decrease of 1.
9%.
Spot analysis: On February 4, spot 1# electrolytic copper quotation 44900-45000 yuan / ton, the average price of 44950 yuan / ton, a daily increase of 35 yuan / ton
.
Although market participants have not fully returned to work, their enthusiasm for inquiry has increased, and the popularity of the spot market has gradually recovered
.
After some of the low-price replenishment in the previous day, because the intraday market did not continue to fall, the market's willingness to receive goods was cautious, and it was difficult for spot premiums to maintain a stable high, and traders were cautious
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 82,910 tons on Tuesday, an increase of 4,700 tons per day; On January 31, LME copper stocks stood at 180725 tonnes, up 1,825 tonnes
per day.
Main positions: The top 20 long positions of Shanghai copper main 2003 contracts were 72623 lots, minus 1474 lots per day, short positions were 81173 lots, a daily increase of 1054 lots, net short positions were 8550 lots, a daily increase of 2528 lots, more short positions, and net space increased
.
Market research and judgment: On February 4, the main force of Shanghai copper opened low and went high in 2003
.
On the 4th, the People's Bank of China carried out a reverse repurchase operation of 500 billion yuan in the form of interest rate bidding, the interest rate was the same as the previous day, and the total liquidity released in the two days reached 1.
7 trillion yuan, and the market pessimism was repaired, which supported copper prices
.
However, China's refined copper imports in December increased year-on-year, coupled with the increase in domestic production, Shanghai copper stocks are expected to enter the inventory increase cycle; U.
S.
ISM manufacturing PMI data was better than expected, and the dollar recovered
sharply.
In terms of spot, although market participants have not fully returned to work, but the enthusiasm for inquiry has increased, the popularity of the spot market has gradually recovered, because the intraday market did not continue to fall, the market willingness to receive goods is cautious, spot premiums are difficult to maintain a stable high, traders are cautious
.
Technically, the main 2003 contract daily KDJ of Shanghai copper turned upwards at a low level, while mainstream bulls reduced their positions, and short-term volatility is expected to be strong
.
