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LME copper came under pressure on Monday, and as of 15:00 Beijing time, the three-month London copper was reported at $5695.
5 / ton, down 1.
45%
on the day.
The main 2007 contract of Shanghai copper fell under pressure, with the highest 47330 yuan / ton, the lowest 46240 yuan / ton, and the closing price of 46280 yuan / ton, down 1.
20% from the closing price of the previous trading day; The trading volume was 184,400 lots, an increase of 32,307 lots per day, and the position was 102,000 lots, an increase of 1,244 lots
per day.
basis 550 yuan/ton; The price difference of Shanghai copper in 2007-2008 was 140 yuan / ton
.
Market focus: (1) The United States has seen a surge
in cases and hospitalizations after states began to lift lockdown measures.
New local cases in Beijing, China, have been seen
for three consecutive days.
(2) As of June 12, China's copper processing fee TC was 51.
5 US dollars / dry ton, down 1 US dollar / dry ton
from last week.
(3) On June 14, Chilean copper miners requested an assessment of
operational continuity against the coronavirus pandemic.
Spot analysis: On June 15, SMM spot 1# electrolytic copper quotation was 46730-46930 yuan / ton, the average price was 46830 yuan / ton, a daily increase of 70 yuan / ton
.
SMM reported that downstream fears heights waiting for the change of month, traders are no longer willing to accept goods, today only heard a few just need to be traded, the market is basically in a wait-and-see state
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 56,878 tons, an increase of 14,257 tons per day; On June 11, LME copper stocks stood at 234,550 tonnes, up 2,950 tonnes
per day.
As of the week of June 12, the previous Shanghai copper inventory reported 128131 tons, a weekly decrease of 11,782 tons, a decline of four consecutive weeks
.
Main positions: the top 20 long positions of Shanghai copper main 2007 contracts are 70671 lots, a daily increase of 2685 lots, short positions are 70225 lots, a daily increase of 888 lots, a net long position of 446 lots, a daily increase of 1797 lots, more short increases, and a net increase
.
As the situation of the new crown epidemic in the United States is still very serious, and the number of new cases in Beijing has increased, market panic has climbed again; At the same time, the long-tail effect of the overseas epidemic epidemic, demand recovery is relatively slow, downstream demand can be maintained under pressure, copper price pressure has increased
.
However, the domestic copper mine processing fee TC was lowered again, and Chilean copper mine production was still affected by the epidemic, and the tight supply of upstream copper mines continued, which partially supported
copper prices.
In terms of spot, the downstream is afraid to wait for the month, traders are no longer willing to accept goods, only heard that there is a little just need to be traded, the market is basically in a wait-and-see state
.
Technically, the mainstream positions of the Shanghai Copper 2007 contract increased and decreased more, paying attention to the 10-day moving average support, and it is expected that the short-term pullback will fluctuate
.
