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On Wednesday, the main 2008 contract of Shanghai copper opened high, with the highest 49380 yuan / ton, the lowest 48770 yuan / ton, and the closing price of 49350 yuan / ton, up 1.
15%
from the previous trading day's closing price.
LME copper rushed high, as of 15:00 Beijing time, 3-month London copper was reported at $6,079 / ton, up 0.
66%
per day.
Market focus: (1) At 20:15 Beijing time on Wednesday, the US ADP employment data for June will be released, and the market currently expects ADP employment to increase by 2.
85 million in June.
(2) The latest mutual data from Chile's National Statistics Institute shows that despite the surge in new crown cases, the world's largest copper producer was still close to full capacity in May, with copper production totaling 495604 tonnes that month, up 0.
67%
year-on-year.
Spot analysis: On July 1, the spot 1# electrolytic copper quotation was 49370-49500 yuan / ton, the average price was 49435 yuan / ton, and the daily increase was 525 yuan / ton
.
Futures prices continued to rebound, traders and downstream are afraid to stop and wait and see, holders sell a large number of goods, intraday quotations are almost cut is difficult to improve to improve market buying, the characteristics of strong and weak futures are highlighted, and the premium has not seen a signal
to stop falling.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 36,787 tons on Wednesday, an increase of 24 tons per day; On June 30, LME copper stocks were 216,600 tons, down 3,000 tons per day, and fell for 10 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2008 contracts were 80372 lots, an increase of 2276 lots per day, short positions were 85977 lots, a daily increase of 2828 lots, a net short position of 5605 lots, a daily increase of 552 lots, long and short positions, and net space increased
.
Market research and judgment: Shanghai copper 2008 opened high and went
high on July 1.
Heightened tensions over Hong Kong and continued global coronavirus concerns have put some pressure
on copper prices.
However, the supply of upstream copper mines is tightening, South American copper mine production has been disrupted by the epidemic again, and the upward shift in smelting costs has suppressed refined copper production; Moreover, the operating rate of domestic downstream copper enterprises remained stable, and the demand performance was stable, driving the continued dematerialization of Shanghai copper inventories, and copper prices could move strongly
.
In terms of spot, traders and downstream are afraid to stop and see, and holders sell a lot of goods
.
Technically, the Shanghai copper 2008 contract increased its position, standing at the 49,000 mark, and it is expected that the short-term volatility will be strong
.
Operationally, it is recommended that the Shanghai copper 2008 contract can be long at 49,000 yuan / ton at a pullback, and the stop loss is 48,800 yuan / ton
.
