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On Wednesday, the main 2107 contract of Shanghai copper rushed back down, with the highest 72380 yuan / ton during the day, the lowest 70870 yuan / ton, and the closing price of 71510 yuan / ton, up 0.
13% from the previous trading day's closing price; LME copper fell slightly, as of 15:00 Beijing time, the three-month London copper was reported at $9959 / ton, down 0.
56%
on the day.
Market focus: (1) The World Bank released a new report, raising its global economic growth forecast for this year to 5.
6%, 1.
5 percentage points higher than its forecast in January, which will be the fastest growth rate
reached after the recession in 80 years.
(2) BHP Billiton's negotiations with its Spence copper miners were extended to try to reach an agreement on a new contract and avoid a strike
at the mine.
(3) SMM reported that China's electrolytic copper production in May was 850,100 tons, down 3.
1% month-on-month and up 10.
4%
year-on-year.
Spot analysis: On June 9, spot 1# electrolytic copper quotation 71600-71880 yuan / ton, the average price of 71740 yuan / ton, daily increase of 420 yuan / ton
.
Changjiang Nonferrous Metal Network reported that the atmosphere in the spot market is quiet, the willingness of holders to adjust prices is not high, and downstream and middleman enterprises are deterred from high prices, and transactions are weak
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 128941 tons on Wednesday, a daily decrease of 3,951 tons, a 6-day decline; On June 8, LME copper stocks stood at 127,200 tonnes, up 2,500 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract are 79636 lots, a daily increase of 551 lots, short positions are 82266 lots, a daily increase of 980 lots, net short positions are 2630 lots, a daily increase of 429 lots, long and short are increased, and net short increases
.
Market research and judgment: upstream domestic copper mine inventories showed rapid growth, copper ore processing fee TC steadily rebounded, indicating that the tension of copper mines improved, but South American copper mine strikes and policy risks still exist
.
Refined copper production fell month-on-month in May due to increased crude copper supply and rising sulphuric acid prices
, which eased the pressure on the cost side, although the impact of some refinery maintenance was affected.
At present, the downstream demand performance is flat, mostly bargain hunting, domestic inventories maintain a downward trend, copper prices have fallen into adjustment
.
Technically, the 20-day moving average of the Shanghai copper 2107 contract turned downward, and it is expected to fluctuate
at a short-term low.
