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On Wednesday, the Shanghai copper main 2006 contract opened high and volatile, with the highest 42720 yuan / ton in the day, the lowest 42380 yuan / ton, and the closing price of 42510 yuan / ton, up 0.
50% from the previous trading day's closing price; In the external market, LME copper rushed back to the high, as of 15:00 Beijing time, the three-month London copper was reported at 5218 US dollars / ton, up 0.
17%
on the day.
Market Focus: (1) The Third Session of the 13th National People's Congress will be held
in Beijing on May 22, 2020.
The Third Session of the 13th National Committee of the Chinese People's Political Consultative Conference (CPPCC) was held
in Beijing on May 21, 2020.
(2) At 20:30 Beijing time on Wednesday, the United States will release first-quarter GDP data, and the market expects an annualized rate to fall by 3.
8%.
Spot analysis: On April 29, spot 1# electrolytic copper was quoted at 42780-42860 yuan / ton, with an average price of 42820 yuan / ton, a daily increase of 355 yuan / ton
.
Traders based on the pre-holiday hedging factor, few receiving groups, and the holiday period is expected to still import a large amount of copper to the warehouse, so the last trading time before May Day transaction will be more obvious, hedging behavior will be the main
body of trading guidance.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 95,753 tons on Wednesday, a daily decrease of 5,006 tons, a 30-day decline; On April 28, LME copper stocks were 256,150 tons, down 2,325 tons per day, down for five consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2006 contract are 73835 lots, a daily increase of 1358 lots, short positions of 82987 lots, a daily decrease of 999 lots, a net short position of 9152 lots, a daily decrease of 2357 lots, more increase and a decrease in short space, and a decrease
in net space.
Under the continuous spread of the global epidemic, the market's concerns about the economic outlook are difficult to dissipate, demand continues to be weak performance, downstream copper processing enterprises have rebounded, but export orders have declined, and the demand outlook is still under pressure
.
At present, the tight supply of upstream copper mines is gradually emerging, coupled with the weak price of sulfuric acid, resulting in further upward smelting costs; In addition, Yunnan and Gansu plan to collect and store, which has boosted market confidence and formed a strong support
for copper prices.
In terms of spot, traders are based on the pre-holiday hedging factor, there are few receiving groups, and a large amount of imported copper is expected to arrive in the warehouse during the festival, so the light transaction before the holiday will be more obvious
.
Technically, the main 2006 contract daily KDJ indicator golden cross is expected to test the upper 43000 mark
.
