The willingness of the market to receive goods is sluggish, and the short-term low volatility of Shanghai copper

Spot analysis: On February 25, spot 1# electrolytic copper was quoted at 45470-45570 yuan / ton, with an average price of 45520 yuan / ton, down 15 yuan / ton
per day.
The morning market spot quotation continued the previous day's quotation, the market willingness to receive goods is sluggish, there are few transactions, holders have no choice but to reduce the quotation, this month's long trade order delivery has been basically completed, the market transaction atmosphere is weakening, trade and downstream receiving willingness is seriously lacking; Copper inventories remain high, the market lacks buying interest, holders show a sell-off sentiment, the characteristics of oversupply are obvious, and there is completely room for price reduction
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 170087 tons on Tuesday, a daily increase of 3103 tons, an increase of 18 consecutive days; On 24 February, LME copper stocks were 161575 tonnes, down 1,850 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2004 contract are 72825 lots, a daily increase of 3176 lots, short positions are 87835 lots, a daily increase of 3249 lots, net short positions are 15010 lots, a daily increase of 73 lots, long and short increases, and net space increases
.

The main force of Shanghai copper in 2004 rebounded
.
The domestic epidemic situation has shown positive changes, but the epidemic in Japan and South Korea and other countries has spread momentum, and the global epidemic situation is still uncertain; At the same time, affected by the epidemic, downstream demand is still weak, and Shanghai copper inventories continue to accumulate, increasing pressure on copper prices
.
However, the US February PMI data was less than expected, the Fed's interest rate cut expectations rose, and the US dollar fell under pressure; At the same time, Chinese smelters forced smelters to reduce production due to sulfuric acid expansion; In addition, the People's Bank of China said that it will adjust the policy of targeted RRR reduction in the near future, which is conducive to economic repair and supports
copper prices.
In terms of spot, the morning market spot quotation continued the previous day's quotation, the market acceptance willingness was sluggish, trade and downstream acceptance willingness was seriously lacking, copper stocks remained high, the market was lacking, and the holders showed a sell-in sentiment, and the characteristics of oversupply were obvious
.
Technically, the main 2004 contract of Shanghai copper is longer and lower shadow, and the mainstream short position increase is large, and it is expected to fluctuate
at a short-term low.