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LME copper rebounded on Wednesday, and as of 15:00 Beijing time, the three-month London copper was at $5,755 / ton, up 0.
23%
per day.
The main 2007 contract of Shanghai copper fell and fluctuated, with the highest 47250 yuan / ton, the lowest 46450 yuan / ton, and the closing price of 46770 yuan / ton, down 0.
81% from the closing price of the previous trading day; The trading volume was 135,900 lots, an increase of 1,372 lots per day, and the position was 97,130 lots, a daily decrease of 5,032 lots
.
Basis 135 yuan/ton; The price difference of Shanghai copper in 2007-2008 was 140 yuan / ton
.
Market focus: (1) Federal Reserve Chairman Jerome Powell said that there is great uncertainty
about the timing and strength of the US economic recovery.
(2) The Solid Waste Center announced the 8th batch of import restricted applications in 2020, with a total of 4 copper-related enterprises approved this time, with a total of 1,570 tons of approved imports of scrap copper, and a total of 598,800
tons of scrap import approvals in the first 8 batches of this year.
Spot analysis: On June 17, SMM spot 1# electrolytic copper quotation was 46860-46950 yuan / ton, the average price was 46905 yuan / ton, down 170 yuan / ton
per day.
SMM reported that the fall in copper prices attracted downstream entry into the market, the inquiry atmosphere was positive, and inventories showed a decrease today, holders maintained a strong willingness to raise water, transactions improved, copper prices fell, and downstream bargain replenishment buying also increased
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 56,553 tons on Wednesday, a daily decrease of 574 tons; On June 16, LME copper stocks were 248475 tonnes, up 1,475 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2007 contracts were 68482 lots, minus 1521 lots, short positions were 68948 lots, daily minus 2446 lots, net short positions were 466 lots, daily minus 825 lots, long and short were reduced, net space decreased
.
The US dollar rose slightly as the Fed said there was great uncertainty about the US economic outlook; At the same time, the recovery of demand affected by the overseas epidemic was slow, coupled with the domestic market entering the traditional off-season, downstream demand weakened in stages, resulting in signs of recovery in Shanghai copper inventories and increasing pressure on copper prices
.
However, the current tight supply of domestic copper mines, coupled with the severe epidemic situation in Chile, may affect copper mine production and support
copper prices.
In terms of spot, holders maintained a strong willingness to raise water, copper prices fell, and downstream bargain replenishment buying also increased
.
Technically, the mainstream position of the Shanghai copper 2007 contract increased and decreased more, and the daily MACD red column decreased, and the short-term shock is expected to be weak
.
