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On Monday, the main 2006 contract of Shanghai copper opened low and went high, with the highest 43330 yuan / ton and the lowest 42730 yuan / ton within the day, and the closing price was 43270 yuan / ton, up 0.
32% from the previous trading day's closing price; In the external market, LME copper opened high, as of 15:00 Beijing time, the three-month London copper was reported at 5248.
5 US dollars / ton, up 1.
12%
per day.
Market focus: (1) Fed Chairman Jerome Powell said that the Fed has not run out of ammunition and can take more measures
if needed.
(2) Zambia reopened its freight transit border with Tanzania and copper exports resumed
.
(3) From January to April, the national real estate development investment was 3.
3103 billion yuan, down 3.
3% year-on-year, and the decline was 4.
4 percentage points
narrower than that from January to March.
Spot analysis: On May 18, spot 1# electrolytic copper quotation 43210-43310 yuan / ton, the average price of 43260 yuan / ton, down 80 yuan / ton
per day.
Traders were active in early trading, and the trading atmosphere was slightly better than on Friday
.
In the second trading session, the source of low-priced flat water copper is difficult to find, the transaction heat is not as hot as the morning market, and the downstream maintains rigid demand
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 69,873 tons, a daily decrease of 1,180 tons; On May 15, LME copper stocks were 278,750 tonnes, down 3,925 tonnes
per day.
As of the week of May 15, the previous Shanghai copper inventory was reported at 208,890 tons, a weekly increase of 4,671 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract were 76221 lots, minus 1320 lots per day, short positions were 77975 lots, daily minus 2127 lots, net short positions were 1754 lots, daily minus 807 lots, long and short were reduced, and net space was reduced
.
Heightened trade tensions between China and the United States, coupled with concerns that economic reopening may lead to a second outbreak of the epidemic, the market is more risk-aversion; And under the impact of the epidemic, overseas demand is still facing greater pressure, and the recent large-scale delivery of copper inventories has increased the pressure on copper prices
.
However, the current copper mine supply performance is tight, copper ore processing fee TC is still at a low level, smelting costs are high, coupled with the rapid recovery of domestic demand, which supports copper prices
.
In terms of spot, traders in the morning market are active in inquiry, the trading atmosphere is slightly better than last Friday, and the trading heat is not as hot as the morning market in the second trading session, and the downstream remains rigid.
Technically, the mainstream bulls of Shanghai copper in 2006 increased their positions even more, paying attention to the 20-day moving average support, and it is expected that the short-term shock adjustment
.
