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On Wednesday, the main 2010 contract of Shanghai copper rose in shock, with the highest 51490 yuan / ton and the lowest 51020 yuan / ton during the day, and the closing price of 51440 yuan / ton, up 0.
61% from the closing price of the previous trading day; In the external market, LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper reported 6551 US dollars / ton, up 0.
23%
per day.
Market Focus: (1) China and the United States held constructive dialogues
on strengthening macroeconomic policy coordination between the two countries and the implementation of the phase one economic and trade agreement between China and the United States.
The two sides agreed to create conditions and atmosphere to continue to promote the implementation of
the phase one economic and trade agreement between China and the United States.
(2) China's copper concentrate imports 1794911 tons in July, an increase of 12.
6% month-on-month and a year-on-year decrease of 12.
98%; Copper cathode imports 554979 tons, an increase of 14.
24% month-on-month and 89.
93%
year-on-year.
(3) Protests by Grasberg copper and gold miners under Indonesia's Freeport, the second largest copper mine
in the world, continued Tuesday into the second day.
Spot analysis: On August 26, spot 1# electrolytic copper quotation 51340-51440 yuan / ton, the average price of 51390 yuan / ton, a daily increase of 15 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 58,021 tons on Wednesday, an increase of 1,271 tons per day; On August 25, LME copper stocks were 95,525 tonnes, down 2,375 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 78208 lots, minus 730 lots per day, 71704 short positions, a daily increase of 383 lots, a net long position of 6504 lots, a daily decrease of 1113 lots, a long short increase, and a net long decrease
.
Market research and judgment: Shanghai copper 2010 volatility rose
on August 26.
The increased risk of military confrontation between China and the United States has exacerbated the current tension between the two countries; In addition, the current market is in the off-season, and the discount of copper scrap rods to copper prices has expanded, indicating that downstream demand performance is weak, and there is still resistance
above copper prices.
However, the Sino-US economic and trade talks are harmonious and smooth, the two sides are still jointly promoting the implementation of the phase one agreement, and the market risk sentiment is more optimistic; Moreover, at present, the copper ore processing fee TC is running at a low level, the crude copper arrival volume has also declined, and the tight supply of raw materials still exists; Coupled with the approaching gold nine silver ten, the market has expectations for demand improvement; and the significant dematerialization of London copper inventories, which supported copper prices
.
Technically, the mainstream position of the Shanghai copper 2010 contract increased and decreased by long, focusing on the support of the 50800 position below, and it is expected to fluctuate
in the short-term range.
