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On Monday, the main 2108 contract of Shanghai copper rushed back down, with the highest 69980 yuan / ton and the lowest 68850 yuan / ton during the day, and the closing price was 68980 yuan / ton, up 0.
09% from the previous trading day's closing price; LME copper fluctuated down, as of 15:00 Beijing time, the three-month London copper was reported at $9428 / ton, down 0.
68%
on the day.
Market Focus: (1) The Fed's semi-annual monetary policy report notes that the Fed's asset purchases and its commitment not to raise interest rates until inflation and employment targets are met will help ensure that monetary policy continues to provide strong support to the economy until a full recovery
is achieved.
(2) People's Bank of China will comprehensively reduce the reserve requirement ratio of financial institutions by 0.
5 percentage points
on July 15.
Spot analysis: On July 12, the spot 1# electrolytic copper quotation was 69330-69650 yuan / ton, the average price was 69490 yuan / ton, and the daily increase was 770 yuan / ton
.
Changjiang Nonferrous Network reported that the buying price is strong, the merchants are eager to sell, the downstream consumption is general, and the overall transaction is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 76287 tons, a daily decrease of 508 tons, and a decrease of 19 consecutive days; LME copper stocks stood at 216,800 tonnes, an increase of 2,225 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2108 contract 71311, -1495, short positions 77480, +1840, net positions -6169, -3335, long short increase, net short increase
.
Market research and judgment: the Fed's semi-annual monetary policy report, promising to maintain strong monetary policy support, the US dollar index is under pressure; China's central bank announced a 0.
5 percentage point RRR cut, which is conducive to providing liquidity
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved; The dumping price is favorable but the quantity is limited, and the quantity of subsequent batches is still uncertain, which still needs to be paid attention to
.
Refinery overhauls have increased recently, production remains constrained, and inventories remain declining; However, the import window is almost open, the pressure of source imports has increased, and the low level of copper prices has been adjusted
.
