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On Tuesday, the main 2105 contract of Shanghai copper rushed back down, with the highest 67,720 yuan / ton and the lowest 66,380 yuan / ton during the day, and the closing price was 67,040 yuan / ton, up 0.
36% from the closing price of the previous trading day; LME copper rebounded, as of 15:00 Beijing time, the three-month London copper was reported at $9,058 / ton, down 0.
79%
on the day.
Market focus: (1) At 0:00 Beijing time on Wednesday, Federal Reserve Chairman Powell and US Treasury Secretary Yellen will testify
before the House Financial Services Committee.
(2) On March 22, the spot stock of copper in China's bonded zone was 416,000 tons, down 03,000 tons from last Thursday and up 03,000 tons
from the previous week.
Spot analysis: On March 23, spot 1# electrolytic copper was quoted at 66400-67150 yuan / ton, with an average price of 66775 yuan / ton, down 55 yuan / ton
per day.
The willingness to buy is still not high, the wait-and-see mood is strong, the downstream just needs are the mainstay, and the overall transaction is average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 114919 tons on Tuesday, a daily increase of 552 tons; On March 22, LME copper stocks stood at 113,900 tonnes, up 8,950 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2105 contract are 90453 lots, an increase of 1875 lots per day, short positions are 98466 lots, a daily increase of 1682 lots, net short positions are 8013 lots, a daily decrease of 193 lots, long and short are increased, and net space is reduced
.
Market research and judgment: On March 23, Shanghai copper 2105 rushed back down
.
Upstream domestic copper mine inventories continue to decline, and processing fee TC continues to decline, resulting in high smelting costs, and the current copper mine production is still affected by strikes and epidemic factors, copper mine tightening concerns have increased
.
The performance of downstream domestic demand is still weak, but domestic inventories are still significantly lower than the same period of previous years; And with the arrival of the traditional peak season, downstream demand is expected to improve, supporting the high operation of copper prices
.
Technically, the mainstream long position of the Shanghai copper 2105 contract increased significantly, the triangle convergence trend, and the short-term shock adjustment
is expected.
