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On Thursday, the main 2010 contract of Shanghai copper opened high, with a maximum of 51730 yuan / ton, a minimum of 51380 yuan / ton, and a closing price of 51490 yuan / ton, up 0.
10% from the previous trading day's closing price; In the external market, LME copper opened high and low, as of 15:00 Beijing time, 3-month London copper was reported at 6586 US dollars / ton, down 0.
21%
on the day.
Market Focus: (1) The Jackson Hole Global Central Bank Annual Meeting will be held from August 27 to 29, and Fed Chairman Jerome Powell will deliver a speech
entitled "Monetary Policy Framework Review".
(2) Mine operations at Indonesia's Grasberg copper-gold mine were disrupted, and workers' protests against coronavirus restrictions continued into the third day
.
The world's second-largest copper mine is operated
by Freeport McMolen.
Spot analysis: On August 27, spot 1# electrolytic copper quotation 51370-51470 yuan / ton, the average price of 51420 yuan / ton, a daily increase of 30 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 57,795 tons on Thursday, a daily decrease of 226 tons; On August 26, LME copper stocks were 92,025 tonnes, down 3,500 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 77854 lots, minus 354 lots per day, short positions were 72492 lots, daily increase of 788 lots, net long positions were 5362 lots, daily decrease of 1142 lots, more short increases, net more decreases
.
Market research and judgment: Shanghai copper 2010 opened high on
August 27.
Rising tensions between China and the United States, intensifying the game between the two sides, making the market risk sentiment cautious; And the current market is in the off-season, processing enterprise orders are flat, downstream demand is still weak, and there is still resistance
above copper prices.
However, at present, the copper processing fee TC is running at a low level, the crude copper arrival volume has also declined, and the tight supply of raw materials still exists; Coupled with the approaching gold nine silver ten, the market has expectations for demand improvement; and the significant dematerialization of London copper inventories, which supported copper prices
.
Technically, the mainstream position of the Shanghai copper 2010 contract increased and decreased more, focusing on the support of the 51000 position below, and it is expected to fluctuate
in the short-term range.
In terms of operation, it is recommended to operate in the range of 51200-51800 yuan / ton, and the stop loss is 200 yuan / ton
each.
