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On Wednesday, the main 2104 contract of Shanghai copper rushed back down, with the highest 68880 yuan / ton and the lowest 66560 yuan / ton within the day, and the closing price of 67910 yuan / ton, down 0.
06% from the closing price of the previous trading day; In the external market, LME copper pulled back at a high level, as of 15:00 Beijing time, the 3-month London copper was reported at 9217 US dollars / ton, down 0.
36%
on the day.
Market Focus: (1) Powell stressed that the Fed will not tighten monetary policy just to respond to a strong labor market, and if there is any change in the pace of bond purchases, the Fed will send a clear message
much earlier.
(2) The work of the Chinese-funded Qixingtang copper mine in Myanmar was halted due to workers
' participation in anti-coup demonstrations.
Spot analysis: On February 24, spot 1# electrolytic copper was quoted at 67750-68400 yuan / ton, with an average price of 68075 yuan / ton, a daily increase of 475 yuan / ton
.
Holders actively shipped, but high prices curbed consumption and poor transactions
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 56,925 tons on Wednesday, an increase of 2,950 tons per day; On February 23, LME copper stocks stood at 73,450 tonnes, down 1,450 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2104 contract were 86447 lots, minus 608 lots per day, short positions were 96579 lots, minus 1194 lots per day, net short positions were 10132 lots, daily minus 586 lots, long and short were reduced, and net space was reduced
.
Market research and judgment: Shanghai copper 2104 rushed back down
on February 24.
The US fiscal stimulus is expected to be launched, coupled with the second round of program expectations, the dollar index is under pressure to the downside, and Powell promised that he will not easily tighten policy, boosting market risk sentiment
.
The supply of domestic copper mines in the upstream maintained a tight pattern, and the TC of copper processing fees continued to decrease, resulting in high smelting costs; At present, domestic and foreign copper inventories remain at a low level, of which domestic inventories are at a new low in nearly a decade, and the first quarter is also significantly lower than the same period of previous years; Coupled with the expectation of recovery in domestic and foreign demand after the holiday, it is expected to support copper prices to remain high
.
Technically, the mainstream short position reduction of the Shanghai copper 2104 contract is large, focusing on the support of the 5-day moving average, and it is expected to adjust the short-term high
.
