Shanghai copper short-term continues to oscillate There is still resistance above

Market focus: (1) U.
S.
Treasury Secretary candidate Yellen said that helping the unemployed and small businesses would be the most "value for money", urging lawmakers to take "big moves" to save the economy hit by the
epidemic.

Spot analysis: On January 20, spot 1# electrolytic copper was quoted at 58980-59100 yuan / ton, with an average price of 59040 yuan / ton, a daily increase of 10 yuan / ton
.
Yangtze River Nonferrous Metal reported that there are many sources of circulating goods, the willingness to raise prices is still strong, downstream consumption is weakening, and trading is deadlocked
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 26,042 tons on Wednesday, a daily decrease of 600 tons; On January 19, LME copper stocks were 96,325 tons, a daily decrease of 1,350 tons, a decline of 6 consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2103 contract are 73532 lots, minus 326 lots per day, short positions are 79301 lots, daily increase of 109 lots, net short positions are 5769 lots, daily increase of 435 lots, long short increase, net short increase
.

Market research and judgment: Shanghai copper 2103 opened high on January 20
.
U.
S
.
Treasury Secretary candidate Yellen needs to take "big moves" to save the economy and bring back market risk sentiment.
Domestic copper mine supply maintained a tight pattern, copper ore processing fees TC continued to be reduced, and copper smelting costs were high; However, the implementation of the new policy for scrap copper has greatly increased the import volume, and the price difference between refined waste has widened, and the substitution role will gradually increase; At the end of the year, the downstream market inventory willingness continued to decline in recent days, but there is still resistance
above copper prices as demand is expected to gradually fade in the off-season.
Technically, the mainstream position of the Shanghai copper 2103 contract increased and decreased by long, focusing on the support of the 20-day moving average, and it is expected that the short-term volatility will continue
.