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On Monday, the main 2106 contract of Shanghai copper rose sharply, with the highest 78270 yuan / ton during the day, the lowest 75080 yuan / ton, and the closing price of 77720 yuan / ton, up 3.
77% from the closing price of the previous trading day; LME copper continued to rise, as of 15:00 Beijing time, 3-month London copper was reported at 10686.
5 US dollars / ton, up 2.
63%
on a daily basis.
Market focus: (1) US non-farm payrolls increased by 266,000 in April, far less than the expected increase of 1 million, and the March data was revised downward to an increase of 770,000
.
The unemployment rate edged up to 6.
1 percent
.
(2) China's electrolytic copper output in April was 878,100 tons, an increase of 2.
05% month-on-month and 16.
71%
year-on-year.
(3) My nonferrous metal network, on May 7, China's copper concentrate port inventory was 481,000 tons, down 52,000 tons
from last week.
Spot analysis: On May 10, the spot 1# electrolytic copper quotation was 76700-77100 yuan / ton, the average price was 76900 yuan / ton, and the daily increase was 2730 yuan / ton
.
Yangtze River Nonferrous Metal reported that traders were afraid of heights and wait-and-see, downstream just needed to purchase, and the transaction was quiet
.
Warehouse receipt inventory: the total amount of Shanghai copper warehouse receipts on Monday was 139611 tons, an increase of 3,080 tons per day, an increase of 10 consecutive days; On May 7, LME copper stocks were 126725 tons, down 4,025 tons per day, down for 16 consecutive days
.
Main positions: The top 20 long positions of Shanghai copper main 2106 contracts were 86806 lots, a daily decrease of 6933 lots, a short position of 107356 lots, a daily decrease of 3609 lots, a net short position of 20550 lots, a daily increase of 3324 lots, both long and short decreases, and net space increased
.
Market research and judgment: Shanghai copper 2106 rose
sharply on May 7.
Upstream copper processing fees have stabilized, although the extension of Chilean border closures until the end of May may affect mining activity
.
Smelting activity picked up
in April, as rising copper and sulphuric acid prices eased pressure on the cost side.
Domestic downstream demand is still weak, and the operating rate of copper companies has declined year-on-year, but the economic recovery in the future market is expected to accelerate demand growth, and copper inventories are at a low level, supporting copper prices
.
Technically, the mainstream long position of the Shanghai copper 2106 contract has reduced their positions significantly, focusing on the support of the 5-day moving average, and it is expected that the short-term shock will continue to rise
.
