The bearish atmosphere strengthened, and the main force of Shanghai copper fluctuated down

Market focus: (1) Senate Democrats pushed Biden's $1.
9 trillion stimulus plan into the fast-track
passage on February 2.
The U.
S.
Senate will hold a final vote on the resolution on Feb.
4, and the House of Representatives will also vote
this week.
(2) Last week, the new confirmed cases of new crown in the world have shown a downward trend
for the third consecutive week.

Spot analysis: On February 3, spot 1# electrolytic copper was quoted at 57040-57320 yuan / ton, with an average price of 57180 yuan / ton, down 545 yuan / ton
daily.
Yangtze River Nonferrous Metal reported that the circulation supply is limited, downstream consumption is still weak, and the market is quiet
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 19,187 tons on Wednesday, a daily decrease of 649 tons; On February 2, LME copper stocks were 74,225 tons, down 50 tons per day, down 16 consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2103 contract were 66296 lots, minus 2470 lots per day, short positions were 73037 lots, daily minus 1955 lots, net short positions were 6741 lots, a daily increase of 515 lots, long and short were reduced, and net space increased
.

Market research and judgment: Shanghai copper 2103 fluctuated and fell
on February 3.
Global new coronavirus cases fell for the third week in a row, coupled with Biden's stimulus bill entering the fast track, market optimism picked up, but the market expected a stronger economic recovery in the United States than in Europe, making the dollar index strong
.
Domestic copper mine supply maintained a tight pattern, copper ore processing fees TC continued to be reduced, and copper smelting costs were high; At present, domestic copper inventories are still at a historical low, coupled with the Chilean port encountered wind and waves and exports are blocked, it is expected that the impact on the future supply will gradually appear
.
However, the implementation of the new policy for scrap copper has led to a significant increase in imports, abundant raw materials for smelters, and the end of downstream stocking at the end of the year, the traditional off-season demand has gradually weakened, and copper prices have been weak
in the short term.
Technically, the daily MACD green column increment of the Shanghai copper 2103 contract, the bearish atmosphere is strengthened, and the short-term weak adjustment
is expected.