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On Tuesday, the main 2111 contract of Shanghai copper ran in shocks, with the highest 69550 yuan / ton and the lowest 69050 yuan / ton during the day, and the closing price of 69230 yuan / ton, down 0.
06% from the closing price of the previous trading day; LME copper fluctuated operation, as of 15:00 Beijing time, 3-month London copper was reported at $9355 / ton, up 0.
05%
per day.
Market Focus: (1) At least three Fed officials said they were ready to withdraw stimulus measures introduced during the pandemic
, even if inflation in the United States did not pose a threat.
(2) On Tuesday evening Beijing time, Federal Reserve Chairman Jerome Powell will testify
in Congress on the Fed's policy measures to respond to the epidemic.
(3) The National Material Reserve Adjustment Center issued an announcement on the release of the fourth batch of national reserve copper in 2021, with a total sales volume of 30,000 tons
.
Spot analysis: SMM spot 1# electrolytic copper quotation 69400-69600 yuan / ton, the average price is 69500 yuan / ton, down 590 yuan / ton
daily.
Changjiang Nonferrous Metal Network reported that the willingness of cargo holders to exchange cash is strong, the price reduction sentiment of the receiving party is high, the supply and demand sides are deadlocked, the trading activity is declining, and the overall trading volume is declining
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in the day was 11,680 tons, a daily decrease of 1,476 tons, and a decrease of 7 consecutive days; LME copper stocks were 226625 tonnes, up 3,450 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2111 contract 71554, +1213, short positions 80834, +1964, net positions -9280, -751, long and short increased, net space increased
.
Market research: Recently, a number of Fed officials expressed support for the Fed's tapering of bond purchases, and the hawkish attitude strengthened the dollar index, and risk sentiment was suppressed
.
Fundamentals, upstream copper concentrate processing fees continued to rise, raw material tightness continued to improve, but Peru and Kazakhstan were hindered by transportation, causing supply concerns
.
The maintenance of domestic refineries is gradually completed, and the impact of power curtailment on the smelting end is small, and the output shows an increasing trend
.
Recently, domestic and foreign inventories have shown a downward trend, which has supported copper prices, but there is still a lack of upward momentum
.
