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On Tuesday, the main 2009 contract of Shanghai copper opened high and fell, with the highest 51100 yuan / ton and the lowest 50310 yuan / ton during the day, and the closing price of 50340 yuan / ton, up 0.
22% from the closing price of the previous trading day; In the external market, LME copper rebounded, as of 15:00 Beijing time, 3-month London copper was reported at 6365 US dollars / ton, down 0.
56%
on the day.
Market Focus: (1) U.
S
.
Treasury Secretary Steven Mnuchin said that non-accounting companies from China and other countries will be delisted from the American stock exchange by the end of 2021.
(2) Trump said China had not fulfilled its promise to buy more U.
S.
goods in the phase one trade deal signed in January, though he said purchases should increase
next year.
(3) Antaike said that China's main copper smelters produced 687,100 tons in July, down 1.
7% from June, and the output in August is expected to be about
710,000 tons.
Spot analysis: On August 11, spot 1# electrolytic copper was quoted at 50740-50860 yuan / ton, with an average price of 50800 yuan / ton, a daily increase of 710 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,050 tons on Tuesday, an increase of 866 tons per day; On August 10, LME copper stocks were 114375 tons, down 3,575 tons per day, down 39 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts were 80134 lots, 3186 daily losses, 77576 short positions, 3626 daily losses, net long positions 2558 lots, daily increase of 440 lots, long and short decreases, net long increases
.
Market research and judgment: Shanghai copper 2009 opened high and fell
on August 10.
The US Treasury Secretary threatened to delist Chinese companies, which was difficult to produce in a new round of stimulus policies in the United States, market risk aversion rose, and the US dollar index stopped falling and rebounded; At the same time, the current market is in the off-season, downstream demand is weak, and the recent accumulation of Shanghai copper inventories has increased the pressure on copper prices
.
However, China's economic data performed strongly, indicating that the overall economy was stable and improving; At the same time, the current domestic copper mine inventory continues to be consumed, the supply of raw materials is tight, and there is an expectation of recovery in future market demand, which partially supports
copper prices.
Technically, the mainstream short position reduction of the Shanghai copper 2009 contract is large, and there is resistance above 51200, and it is expected that the short-term shock will adjust.
In terms of operation, it is recommended to operate in the range of 45200-51200 yuan / ton, and the stop loss is 200 yuan / ton
each.
