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On Tuesday, the main 2009 contract of Shanghai copper rushed back down, with the highest 51370 yuan / ton and the lowest 50740 yuan / ton during the day, and the closing price of 50830 yuan / ton, up 0.
20% from the previous trading day's closing price; In the external market, LME copper fell back in shock, as of 15:00 Beijing time, the three-month London copper was reported at 6447.
5 US dollars / ton, down 0.
02%
on the day.
Market focus: (1) On August 17, the United States once again upgraded its ban on Huawei, 38 Huawei subsidiaries were included in the entity list, and the total number of institutions associated with Huawei on the US entity list increased to 152
.
(2) The People's Bank of China today achieved a net investment of 50 billion yuan in reverse repurchase operations
after yesterday's 700 billion MLF exceeded expectations.
Spot analysis: On August 18, SMM spot 1# electrolytic copper quotation was 51020-51250 yuan / ton, the average price was 51135 yuan / ton, up 755 yuan / ton
per day.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 60,439 tons on Tuesday, a daily increase of 1,501 tons; On August 17, LME copper stocks were 110,000 tons, down 3,200 tons
per day.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts were 70711 lots, minus 2239 lots per day, short positions were 69476 lots, daily minus 2936 lots, net long positions were 1235 lots, daily increase of 697 lots, long and short were reduced, net long increased
.
Market research and judgment: On August 18, Shanghai copper 2009 rushed back down
.
The US coronavirus epidemic continues to spread, the stimulus program remains deadlocked, the US dollar index continues to be weak, and the People's Bank of China's unexpected release of funds also boosted market confidence; At the same time, the current domestic copper mine procurement demand is high, and the supply of raw materials remains tight, which supports copper prices
.
However, the US crackdown on Chinese companies has intensified, and tensions between the two countries are still heating up, increasing market concerns; In addition, the current market is in the off-season, downstream demand performance is weak, Shanghai copper inventories have increased recently, and the pressure on copper prices has increased
.
Technically, the Shanghai copper 2009 contract is longer and the upper shadow, and the mainstream short position reduction is large, and the short-term shock adjustment
is expected.
