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On Wednesday, the Shanghai copper main 2106 contract pulled back at a high level, with the highest 69590 yuan / ton and the lowest 68450 yuan / ton during the day, and the closing price was 68720 yuan / ton, down 1.
05% from the closing price of the previous trading day; LME copper rose slightly, as of 15:00 Beijing time, the three-month London copper was reported at $9337.
5 / ton, up 0.
57%
on the day.
Market focus: (1) Fed Chairman Jerome Powell said in a letter to Senator Rick Scott that U.
S.
inflation is expected to "rise slightly" this year, but the Fed will curb the rise
in inflation above the 2% target.
(2) The Ministry of Industry and Information Technology said that the next step will be to actively take measures with relevant departments to promote the stabilization of raw material prices
.
Spot analysis: On April 21, the spot 1# electrolytic copper quotation was 68400-68660 yuan / ton, the average price was 68530 yuan / ton, and the daily decline was 410 yuan / ton
.
Yangtze River Nonferrous Metal reported that traders are willing to raise prices, downstream just need to take less, and the transaction performance is not good
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 124503 tons on Wednesday, a daily decrease of 225 tons; On April 20, LME copper stocks were 160,350 tons, down 2,700 tons per day, falling for four consecutive days
.
Main positions: Shanghai copper main 2106 contract top 20 long positions 99771 lots, daily decrease of 7668 lots, short positions of 112107 lots, daily reduction of 4546 lots, net short positions of 12336 lots, daily increase of 3122 lots, long and short are reduced, net space increases
.
Market research and judgment: Shanghai copper 2106 high correction
on April 21.
Fed Chairman Jerome Powell said that he would curb the rise of inflation above the 2% target, which would support the dollar; Recently, the new coronavirus infection in some countries has surged again, and risk appetite has cooled
.
Upstream domestic copper mine inventories have rebounded slightly, copper mine TC has also stabilized, superimposed copper mine new capacity is expected to be put on one after another, copper mine supply is expected to improve, but short-term smelters are still facing high cost pressure
.
At present, copper inventories maintain a slight downward trend, and demand is still flat, but the outlook for future demand is optimistic, and inventories are at a low level, which strongly supports copper prices
.
Technically, the Shanghai copper 2106 contract reduced its position, the bullish atmosphere weakened, and a slight correction
in the short term is expected.
