The results of epidemic prevention and control have gradually appeared, and the main force of Shanghai copper has opened low and rebounded

Market focus: (1) The new crown pneumonia epidemic has begun to spread around the world, with an average of more than 100 people diagnosed in South Korea in East Asia, Italy becoming the most serious country in Europe, and Iran in the Middle East ushered in an outbreak
.
(2) The IMF lowered its economic growth forecasts for China and the world this year, predicting China's economic growth by 5.
6% this year and the global economy by 3.
2%, respectively 0.
4 and 0.
1 percentage points
lower than its forecast in January this year.
(3) At present, about 42% of enterprises downstream of copper have returned to 60%-90% of normal production levels, and about 27% of enterprises have returned to 30%-60%
of normal production levels.

Spot analysis: On February 24, spot 1# electrolytic copper was quoted at 45500-45570 yuan / ton, with an average price of 45535 yuan / ton, down 385 yuan / ton
per day.
The morning discount quotation was sharply narrower than last week, leaving the market almost no transaction; Therefore, the holders took the initiative to lower the quotation to seek transactions, the downstream goods gradually increased, the domestic epidemic prevention and control results gradually appeared, the local government orderly promoted the resumption of work and production of downstream enterprises, and the fall of copper in the other period stimulated the increase of market activity; Low discount quotations can still attract traders to enter the market to receive and deliver long orders, and the market transaction is better
than at the beginning of last week.

Warehouse receipt inventory: the total amount of Shanghai copper warehouse receipts on Monday was 166984 tons, an increase of 1019 tons per day, an increase of 17 consecutive days; On 21 February, LME copper stocks were 163425 tonnes, down 1,425 tonnes
per day.
As of the week ended February 21, the stock of copper cathode on the Shanghai Futures Exchange was 298619 tons, an increase of 35,881 tons, an increase of five consecutive weeks
.

Main positions: the top 20 long positions of Shanghai copper main 2004 contract were 69649 lots, a daily increase of 2661 lots, short positions were 84586 lots, a daily increase of 577 lots, net short positions were 14937 lots, a daily decrease of 2084 lots, long and short positions increased, and net space decreased
.

The main force of Shanghai copper in 2004 opened low and rebounded
.
The domestic epidemic situation has shown positive changes, but the epidemic in Japan and South Korea has spread momentum, the global epidemic risk has intensified, and the market risk aversion has heated up significantly; At the same time, the IMF lowered its economic growth forecasts for China and the world this year to 5.
6% and 3.
2%, respectively 0.
4 and 0.
1 percentage points lower than the January forecast, increasing pressure on copper prices
.
However, the epidemic may begin to affect business activity in the United States, causing the dollar's rally to pause; At the same time, China's smelters have forced smelters to reduce production due to sulfuric acid expansion, which has supported copper prices
.
In terms of spot, the morning discount quotation was significantly narrower than last week, leaving the market almost no transaction; Therefore, the holders took the initiative to lower the quotation to seek transactions, the downstream goods gradually increased, the domestic epidemic prevention and control results gradually appeared, and the local government orderly promoted the resumption of work and production
of downstream enterprises.
Technically, the Shanghai copper main 2004 contract is long and the lower shadow, and the daily KDJ indicator is dead cross, and it is expected to fluctuate
at a short-term low.