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On Tuesday, the main 2105 contract of Shanghai copper fell under pressure, with the highest 67780 yuan / ton and the lowest 66690 yuan / ton within the day, and the closing price was 66740 yuan / ton, down 1.
16% from the closing price of the previous trading day; LME copper fell under pressure, as of 15:00 Beijing time, 3-month London copper was reported at $9,035 / ton, down 0.
89%
on a daily basis.
Market Focus: (1) It is reported that US President Joe Biden is planning a major federal tax hike for the first time since 1993 to help pay for his long-term economic package
following the pandemic stimulus bill.
(2) At 20:30 Beijing time on Tuesday, the United States will release retail sales data
for February.
(3) Mongolia's Oyutorgay copper-gold mine suspended shipments on Monday because a worker contracted coronavirus pneumonia at the mine, which produced 50,200 tonnes
of copper concentrate from its open-pit mine last year.
Spot analysis: On March 16, the spot 1# electrolytic copper quotation was 66980-67420 yuan / ton, the average price was 67200 yuan / ton, down 510 yuan / ton
per day.
The source of circulating goods has increased, some holders are eager to ship, the downstream is just demanding, and the transaction is general
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 113,900 tons on Tuesday, a daily decrease of 173 tons; On March 15, LME copper stocks were 92,650 tonnes, down 800 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2105 contract are 91629 lots, minus 3273 lots, short positions are 101603 lots, daily increase of 26 lots, net short positions of 9974 lots, daily increase of 3299 lots, more short increase, net space increase
.
Upstream domestic copper mine inventories continue to decline, and processing fee TC continues to decline, resulting in high smelting costs, and the current copper mine production is still affected by strikes and epidemic factors, copper mine tightening concerns have increased
.
The performance of downstream domestic demand is still weak, but domestic inventories are still significantly lower than the same period of previous years; And with the arrival of the traditional peak season, downstream demand is expected to improve, which supports copper prices
.
Technically, the mainstream position of the Shanghai copper 2105 contract increased and decreased more, paying attention to the support of the 20-day moving average, and it is expected that the short-term shock adjustment
.
