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On Wednesday, the main 2107 contract of Shanghai copper fell slightly, with the highest 74750 yuan / ton and the lowest 73520 yuan / ton within the day, and the closing price of 73690 yuan / ton, down 0.
63% from the closing price of the previous trading day; LME copper fell slightly, as of 15:00 Beijing time, the three-month London copper was reported at $10,224 / ton, down 0.
15%
on the day.
Market focus: (1) The US ISM manufacturing PMI recorded 61.
2 in May, 60.
9 expected, and 60.
7
in the previous month.
(2) BHP Billiton said that despite the strike of the remote operation workers' union, the company's Escondida and Spence copper mines in Chile remained operating normally
.
(3) The second round of the Peruvian presidential election will be held on June 6, with a narrow progressive candidate planning to significantly raise taxes
on mining companies.
Spot analysis: On June 2, spot 1# electrolytic copper quotation 73530-73750 yuan / ton, the average price of 73640 yuan / ton, down 135 yuan / ton
.
Traders are mainly circulating, downstream on-demand procurement, and the transaction is general
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 149043 tons on Wednesday, a daily decrease of 2,557 tons; On June 1, LME copper stocks were 120,700 tons, down 1,725 tons per day, falling for four consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract are 89625 lots, with a daily increase of 1922 lots, short positions of 90675 lots, daily decrease of 393 lots, net short positions of 1050 lots, daily reduction of 2315 lots, more increase and short, net space reduction
.
Market research and judgment: Shanghai copper 2107 volatility fell slightly on June 2
.
The US ISM manufacturing PMI performed strongly in May, and the US dollar index recovered
from its lows.
Upstream Peruvian presidential elections continue to ferment mining political risks, and the recent Chilean copper strike continues, copper supply concerns have risen, although BHP Billiton said the impact is limited
for now.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; The recent opening of the export window and the increase in downstream bargain-hunting intentions, domestic inventories have shown a downward trend, supporting copper prices
.
Technically, the mainstream position of the Shanghai copper 2107 contract increased and shortened, focusing on the resistance of the 75000 mark, and it is expected that the short-term shock adjustment
.
