The main force of Shanghai copper opens high and goes high, and the market receiving atmosphere is weak

Market focus: (1) Powell said policymakers will wait until inflation continues to reach 2% and the labor market fully recovers before considering raising interest rates, both of which are unlikely to be fully met
by the end of 2022.

Spot analysis: On April 15, spot 1# electrolytic copper was quoted at 67030-67330 yuan / ton, with an average price of 67180 yuan / ton, a daily increase of 1010 yuan / ton
.
Holders actively ship, the receiving atmosphere is weak, and the downstream just needs to purchase
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 125234 tons on Thursday, an increase of 4290 tons per day, an increase of 4 consecutive days; On April 14, LME copper stocks were 172025 tons, an increase of 3,525 tons per day, an increase of six consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2106 contract are 95124 lots, a daily increase of 12606 lots, short positions are 99737 lots, a daily increase of 11706 lots, net short positions are 4613 lots, a daily decrease of 900 lots, long and short are increased, and the net space is reduced
.

Upstream Chile's recent border closure due to the epidemic, coupled with Peru's February copper mine production decline month-on-month, domestic copper supply tightening concerns remain, due to lower processing fee TC, pressure on smelter production, refining copper production is expected to decline slightly in April
.
At present, downstream demand is still weak, and domestic copper inventories have not yet entered a downward channel, but the domestic demand season is still expected, which supports copper prices
.
Technically, the Shanghai copper 2106 contract increased its position sharply, and the mainstream bulls increased their positions significantly, and it is expected to run strongly in the short term
.