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On Wednesday, the main 2107 contract of Shanghai copper opened low and went low, with the highest 69490 yuan / ton and the lowest 68380 yuan / ton within the day, and the closing price was 68450 yuan / ton, up 2.
53% from the previous trading day's closing price; In the external market, LME copper volatility is weak, as of 15:00 Beijing time, 3-month London copper reported 9507 US dollars / ton, down 0.
55%
on the day.
Market focus: (1) U.
S.
retail sales fell 1.
3% month-on-month in May, less than expected a decline of 0.
7%.
(2) The US PPI in May increased by 6.
6% year-on-year, higher than market expectations and the previous value of 6.
2%, the largest year-on-year growth rate
since November 2010.
(3) In accordance with the deployment of the executive meeting of the State Council on ensuring the supply and price of bulk commodities, the State Food and Material Reserve Administration will release national reserves
such as copper, aluminum and zinc in batches in the near future.
(4) According to my nonferrous metal network, on June 15, the spot inventory of electrolytic copper in the Chinese market was 289,400 tons, down 24,200 tons from last Monday and 1.
03 tons
from last Thursday.
Spot analysis: On June 16, the spot 1# electrolytic copper quotation was 69180-69400 yuan / ton, the average price was 69290 yuan / ton, down 795 yuan / ton
per day.
The spot market actively traded and offered more, increasing the activity of the previous day, but the overall circulation was still small and the trading volume was limited
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts was 123944 tons during the day, a daily decrease of 3079 tons; On June 15, LME copper stocks were 140625 tons, an increase of 2,325 tons per day, an increase of 7 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract were 78964 lots, minus 4207 lots per day, short positions were 76912 lots, daily minus 5028 lots, net long positions were 2052 lots, daily increase of 821 lots, long and short were reduced, net long increased
.
Market research and judgment: The State Food and Material Reserve Administration said that it will release national reserves such as copper, aluminum and zinc in batches in the near future, and the market is worried about the strengthening of commodity price supervision; In addition, the Fed's interest rate meeting is approaching, and market caution has increased
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved, and the disturbance of copper mine events in South America weakened
.
However, copper production has
declined slightly due to increased refinery overhauls recently.
At present, the performance of downstream demand is flat, and copper prices are under greater pressure to purchase on demand
.
Technically, the Shanghai copper 2107 contract fell below the 70,000 mark, and it is expected that the short-term weakness will adjust
.
