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On Tuesday, the main 2102 contract of Shanghai copper opened low and went low, with the highest 58970 yuan / ton and the lowest 57880 yuan / ton during the day, and the closing price of 57900 yuan / ton, down 2.
33% from the closing price of the previous trading day; In the external market, LME copper continued to dip, as of 15:00 Beijing time, the three-month London copper was reported at 7786 US dollars / ton, down 1.
13%
on the day.
Market focus: (1) After the discovery of a more infectious variant of the new crown virus in the UK, more than 40 countries around the world, from Germany to Chile, have banned people departing from the UK from entering the country or only allowed their own citizens with new crown test reports to enter.
(2) British Prime Minister Boris Johnson has pushed for a last-minute Brexit trade deal with a new proposal on fishing rights, which the EU is considering
.
(3) Mysteel data, as of December 21, copper stocks in China's bonded zones were 439,000 tons, unchanged from December 18 stocks; copper spot stocks were 154,900 tons, down 06,200 tons
from December 18.
Spot analysis: On December 22, spot 1# electrolytic copper was quoted at 58400-58720 yuan / ton, with an average price of 58560 yuan / ton, a daily drop of 275 yuan / ton
.
Yangtze River Nonferrous Metal reported that traders inquired positively, demand for flat water copper increased, and low-price transactions were the mainstay
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 27,622 tons on Tuesday, an increase of 1 ton per day; On December 21, LME copper stocks were 122975 tons, down 425 tons per day, down for 10 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2102 contract are 74096 lots, minus 3097 lots, short positions are 80442 lots, daily minus 3526 lots, net short positions are 6346 lots, daily minus 429 lots, long and short are reduced, net space is reduced
.
Market research and judgment: Shanghai copper 2102 opened low and went
low on December 22.
The United Kingdom and South Africa have mutated the new crown virus, the epidemic situation has deteriorated rapidly, there is huge uncertainty about the impact of the epidemic, and market worries are heating up; The positive news of Brexit and the US stimulus package moderated market sentiment
to some extent.
The supply of upstream domestic copper mines is tight, and the copper processing fee TC is low, which makes the cost high, but the inflow of high-grade scrap copper increases, and the substitution of scrap copper is expected to increase
.
Downstream market demand maintained a good performance, Shanghai copper inventories showed a trend of decomposition, and there was support
below copper prices.
Technically, the mainstream short position reduction of the Shanghai copper 2102 contract is large, focusing on the support of the 20-day moving average, and it is expected to be weak in the short term
.
