Shanghai copper fell sharply The market still needs to pay attention to the extent of destocking

Market Focus: (1) Fed Chairman Jerome Powell said that although the Fed forecasts very strong economic growth this year, the forecast of the extent of the decline in the unemployment rate is relatively modest, and behind it is actually "very desirable" progress
in the labor market.
(2) The National Development and Reform Commission said that China's policy space is sufficient, and commodities do not have a long-term rising foundation
.

Spot analysis: On March 25, the spot 1# electrolytic copper quotation was 65720-66080 yuan / ton, the average price was 65900 yuan / ton, down 190 yuan / ton
per day.
The willingness to adjust prices is not high, the downstream just needs to be purchased, and the circulation of middlemen is the mainstay
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 112103 tons on Thursday, a daily decrease of 1347 tons; On March 24, LME copper stocks stood at 121,950 tonnes, down 475 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2105 contract are 94597 lots, a daily increase of 1286 lots, short positions of 96119 lots, a daily decrease of 2269 lots, a net short position of 1522 lots, a daily decrease of 3555 lots, more increase and a decrease in short, and a decrease
in net space.

Market research: Shanghai copper 2105 fell
sharply on March 25.
Rising inflation and rising US Treasury yields, as well as new lockdowns in Europe, further enhance the attractiveness of the US dollar; Moreover, the China National Development and Reform Commission said that China's commodities do not have a long-term rise basis, which has hit market risk sentiment
.
Upstream domestic copper mine inventories continued to decline, and processing fee TC continued to decline, resulting in high smelting costs; However, the risk of a Chilean copper strike has been lifted recently, the Peruvian Transport Association strike has ended, copper mine supply is expected to gradually recover, and the CSPT team will finalize the TC floor price
for the second quarter by the end of this month.
Recently, with the arrival of the consumption season, domestic copper stocks have shown signs of falling, but the future market still needs to pay attention to the extent of
destocking.
Copper prices are under increasing pressure
.
Technically, the mainstream positions of the Shanghai Copper 2105 contract increased and decreased, and the signs of convergence of the triangle were broken, and short-term volatility was expected to fall
.