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Trade Service
LME copper opened high on Tuesday, and as of 15:00 Beijing time, the three-month London copper was at $5,619 / ton, up 1.
79%
on a daily basis.
The main 2004 contract of Shanghai copper opened high and continued to rise, with the highest of 44,760 yuan / ton and the lowest of 44,080 yuan / ton during the day, and the closing price of 44,540 yuan / ton, up 1.
81% from the closing price of the previous trading day; The trading volume was 49920 lots, and the daily decrease was 11756 lots; The position was 126,900 lots, a daily decrease of 106 lots
.
The basis was reduced to -505 yuan/ton; The price spread of Shanghai copper in 2004-2005 narrowed to -170 yuan / ton
.
Market focus: On the morning of the 10th, Xi Jinping arrived in Wuhan to inspect the prevention and control of
the new crown pneumonia epidemic.
Markets expect the Fed to cut interest rates by about 100 basis points
by July.
Chile's copper export revenue in February totaled $2.
484 billion, down 2.
24%
year-on-year.
In February, retail sales in the national car market reached 252,000 units, down 78.
5% y/y.
Wholesale sales were 11,000 units, down 77.
7%
y/y.
Spot analysis: On March 10, spot 1# electrolytic copper was quoted at 44000-44070 yuan / ton, with an average price of 44035 yuan / ton, a daily increase of 510 yuan / ton
.
Before delivery, the holders try to raise the quotation under the influence of the price difference of the next month, but the actual results are more difficult, and the cautious demand and delivery state make the intraday market show the supply and demand tug-of-war again
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 207082 tons on Tuesday, a daily decrease of 92 tons; On March 9, LME copper stocks were 194125 tons, down 6,150 tons per day, down 8 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2004 contracts were 80463 lots, minus 415 lots per day, short positions were 97914 lots, daily increase of 1167 lots, net short positions were 17451 lots, daily increase of 1582 lots, more short positions, net space increased
.
During the day, the main force of Shanghai copper opened high in 2004 and continued to rise
.
The global pneumonia epidemic continues to spread, Italy announced that it will lock down the whole country, the WHO said that the new crown pneumonia is likely to be a pandemic, and the market is worried; At the same time, although downstream processing enterprises have resumed work one after another, the lack of employees and poor orders have led to a lack of improvement in downstream demand, and Shanghai copper inventories have continued to rise, putting pressure
on copper prices.
However, market expectations for further interest rate cuts by the Fed are high, and expectations for global monetary easing are strong; In addition, China's epidemic control has achieved remarkable results, which is conducive to the resumption of production and the restoration of market confidence, and the support below copper prices has strengthened
.
In terms of spot, intraday market holders are more willing to hold prices, traders maintain a high degree of activity, but the actual transaction is more difficult, and the cautious demand and delivery state make the intraday market show a state of supply and demand tug-of-war
.
Technically, the main 2004 contract of Shanghai copper daily KDJ gold cross signs, mainstream bulls increase their positions are large, and short-term volatility is expected to be strong
.
