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On Tuesday, the main 2107 contract of Shanghai copper rose slightly, with the highest 72960 yuan / ton and the lowest 71710 yuan / ton during the day, and the closing price of 72230 yuan / ton, up 0.
82% from the closing price of the previous trading day; Externally, LME copper encountered obstacles to the upside, as of 15:00 Beijing time, the three-month London copper was reported at 9998.
5 US dollars / ton, up 0.
16%
on a daily basis.
Market Focus: (1) St.
Louis Fed President Bullard said that the Fed is far from the point where it needs to discuss reducing QE
.
Expect to see more inflation, which will largely be transitory
.
(2) BHP Billiton's Cerro Colorado copper mine in Chile on Monday reached a new labor contract with management, valid for 36 months
.
The mine produced 68,900 tonnes of copper
in 2020.
(3) On May 24, the spot inventory of electrolytic copper in the Chinese market was 335,500 tons, down 17,400 tons from last Monday and 13,500 tons
from last Thursday.
Spot analysis: On May 25, spot 1# electrolytic copper was quoted at 72140-72580 yuan / ton, with an average price of 72360 yuan / ton, a daily increase of 990 yuan / ton
.
Yangtze River Nonferrous Metal reported that traders are mainly in circulation, downstream just need consumption, and the transaction performance is average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 157427 tons on Tuesday, a daily decrease of 2,624 tons, a continuous decline of 5 days; On May 24, LME copper stocks were 125825 tonnes, down 850 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract were 81703 lots, minus 2351 lots, short positions were 79390 lots, daily minus 297 lots, net long positions were 2313 lots, daily minus 2054 lots, long and short were reduced, net long and long decreased
.
Market research and judgment: Shanghai copper 2107 oscillation rose slightly on May 25
.
Upstream copper processing fees TC have stabilized, and BHP Billiton and Glencore have proposed expansion plans, and copper supply is expected to gradually improve
.
At the same time, 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 decline in copper prices, the increase in downstream purchasing intentions, and the downward trend in inventories have supported copper prices
.
Technically, the Shanghai copper 2107 contract reduced its position to stop falling and stabilized, and the daily KDJ turned upward, and it is expected that the short-term stop adjustment will be made
.
