The pressure of oversupply increased, and the main shock of Shanghai copper continued to fall

Market focus: (1) Bank of Montreal predicts that the Fed may cut interest rates in March or April in 2020
.
(2) Japan's copper exports in January this year increased by 16.
3% year-on-year to 51900107 kg, of which the total amount of refined copper exported to China was 7623229 kg, down 47.
4%
year-on-year.

Spot analysis: On February 27, spot 1# electrolytic copper was quoted at 45150-45230 yuan / ton, with an average price of 45190 yuan / ton, down 180 yuan / ton
per day.
The market morning market continued the previous day's quotation, the market inquiry enthusiasm is high, the low-price source of goods transaction is positive, with the decline in the market, and about to walk out of February, downstream inquiry increases, the willingness to enter the market increases, traders are looking forward to next week's upcoming March consumption, month-end factors make discount quotations temporarily deadlocked, but the market is still cautious
overall.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 170087 tons on Thursday, unchanged from the previous day; On 26 February, LME copper stocks stood at 221425 tonnes, up 61,175 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2004 contract were 78631 lots, an increase of 4575 lots, short positions were 92362 lots, a daily increase of 3701 lots, net short positions were 13731 lots, a daily decrease of 874 lots, both long and short increased, and net space decreased
.

During the day, the main force of Shanghai copper in 2004 continued to fall
.
The global new crown pneumonia epidemic continues to spread, including a surge of 334 new confirmed cases in South Korea on the 27th, and market worries have increased; At the same time, domestic transportation gradually recovered, the problem of sulfuric acid expansion was alleviated, and the operating rate of copper smelters rose back to 75.
98%, while the operating rate of downstream copper products was 40.
89%, and the pressure of oversupply increased; On the 26th, the London copper inventory increased sharply to 221425 tons, and the Shanghai copper inventory showed an upward trend, which put greater pressure on copper prices
.
However, the US PMI data for February was less than expected, coupled with the risk of the epidemic, the US dollar fell under pressure; At the same time, China's remarkable results in epidemic prevention and control, as well as the government's expectation of economic stimulus policies, partially supported
copper prices.
In terms of spot, the market continued the previous day's quotation in the morning, the market inquiry enthusiasm is high, the low-price source transaction is positive, with the decline in the market, and about to walk out of February, the downstream inquiry increases, and the willingness to enter the market increases
.
Technically, the main 2004 contract of Shanghai copper runs below the moving average group, and the daily MACD red column shrinks, and it is expected to continue to fall
slightly in the short term.