The main shock of Shanghai copper continued to rise, and the downstream continued to maintain rigid demand

Market focus: (1) OPEC and its oil-producing allies reached a historic agreement on Sunday to cut production by 9.
7 million b/d
.
(2) The fifth batch of restricted copper scrap approvals this year was 222,020 physical tons, an increase of 62.
07 times
from the previous month.

Spot analysis: On April 13, spot 1# electrolytic copper was quoted at 41820-42020 yuan / ton, with an average price of 41920 yuan / ton, a daily increase of 970 yuan / ton
.
The characteristics of the common strength of futures and cash are obvious, the hearts of holders to raise prices have been unceasing, the downstream continues to maintain rigid demand, traders lead the market transaction, and low-priced sources are favored
by speculators.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 173357 tons on Monday, a daily decrease of 4,065 tons, a continuous decline of 18 days; On April 9, LME copper stocks stood at 260275 tonnes, up 425 tonnes
per day.
As of the week of April 10, the Shanghai copper inventory in the previous period was reported at 317928 tons, a weekly decrease of 14,507 tons, a decline of four consecutive weeks
.

Main positions: the top 20 long positions of Shanghai copper main 2006 contracts were 66696 lots, an increase of 264 lots per day, short positions were 78416 lots, a daily increase of 1562 lots, net short positions were 11720 lots, a daily increase of 1298 lots, long and short increased, and net space increased
.

The signs of an inflection point in the global epidemic, coupled with the continuous introduction of global monetary easing, have repaired market risk sentiment, but the impact of the epidemic on the global economy is still continuing, the impact on the terminal industry is greater, and overseas orders are decreasing, putting pressure
on copper prices.
However, upstream copper mine production has been affected by the epidemic, while transportation restrictions have also led to a decline in scrap copper imports, tight supply of raw materials, and recent Shanghai copper inventories have fallen for four consecutive weeks, which has strong support for copper prices
.
In terms of spot, the characteristics of futures and cash are obvious, the desire of holders to raise prices has been unceasing, the downstream continues to maintain rigid demand, traders lead market transactions, and low-priced sources are favored
by speculators.
Technically, the main 2006 contract of Shanghai copper increased its position, and the daily MACD red column increased, and it is expected to continue to rise in the short term
.