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On Wednesday, the main 1806 contract of Shanghai copper ran strongly above the 20-day moving average, and fell slightly at the end of the day, giving up some of its gains, closing at 51170 yuan, up 0.
63%.
The trading volume of the Shanghai Copper Index decreased by 33,032 lots to 462,000, and the position decreased by 4,001 lots to 801,000
.
The top 20 domestic long positions in the Shanghai copper 1806 contract reduced their holdings by 524 lots to 74283 lots; The top 20 domestic positions and short positions reduced their holdings by 402 lots to 75,591 lots
.
In terms of external trading, LME March copper opened at $6,900 in the morning after the shock fell back, the price fell to $6,861 after the shock stabilized, and the price rose sharply to $6,949.
5 in the afternoon, closing at $6,928.
5, up $55.
5, or 0.
81%.
In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 260 yuan / ton - 330 yuan / ton, flat water copper trading price of 50840 yuan / ton - 50960 yuan / ton, and premium copper trading price of 50880 yuan / ton - 51000 yuan / ton
.
In terms of stocks, copper stocks in the COMEX period were 238375 short as of April 17, down 287 tons from the previous day; LME copper stocks were 358025 tonnes, up 6,025 tonnes from the previous day; As of April 18, SSE futures inventories were 149001 tons, down 1,820 tons
from the previous day.
Industry news, the world's second largest mining giant Rio Tinto released a production report showing that due to the end of the Escondida copper strike in the first half of last year, production has rebounded, and copper mine production in the first quarter of this year was 139,300 tons, an increase of 65% year-on-year and a decrease of 6% month-on-month; Refined copper production in the first quarter was 56,100 tons, up 48% year-on-year and 25%
month-on-month.
Rio Tinto expects copper production targets unchanged at 510,000-610,000 tonnes
in 2018.
Refined copper production is expected to be between
22.
5-265,000 tonnes.
The Sino-US trade war continues to heat up, the macro situation still affects market sentiment, and the central bank lowers the RRR in a targeted manner, which is positive for the domestic financial market
.
From a fundamental point of view, global explicit inventories have peaked and fallen, downstream demand is gradually improving, and spot premiums have expanded sharply in recent days, supporting copper futures prices, and copper prices are expected to run
strongly in the short term.
Continue to pay attention to inventories, premium discounts, and the evolution of the
US-China trade war.
FYI
.
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