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On Thursday, the main 2105 contract of Shanghai copper continued to fall under pressure, with the highest 65890 yuan / ton and the lowest 65030 yuan / ton during the day, and the closing price of 65090 yuan / ton, down 0.
78% from the previous trading day's closing price; LME copper continued to be weak, as of 15:00 Beijing time, 3-month London copper was reported at $8716 / ton, down 1.
06%
on the day.
Market focus: (1) U.
S.
President Joe Biden announced an infrastructure package totaling about $2.
25 trillion on March 31 and expressed hope that Congress would approve the plan
this summer.
(2) The US ADP employment report showed an increase of 517,000 jobs in March, compared with 117,000 in the previous month and 550,000
expected.
Spot analysis: On April 1, the spot 1# electrolytic copper quotation was 65320-65680 yuan / ton, the average price was 65500 yuan / ton, and the daily increase was 340 yuan / ton
.
Changjiang Nonferrous Metal reported that the willingness to adjust prices is not high, downstream procurement has rebounded, and the transaction performance is good
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 115657 tons on Thursday, flat; On March 31, LME copper stocks were 144,500 tons, an increase of 1,950 tons per day, an increase of four consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2105 contract were 84913 lots, minus 1874 lots per day, short positions were 89419 lots, daily minus 3306 lots, net short positions were 4506 lots, daily minus 1432 lots, more increase and short, net space decreased
.
Market research and judgment: On April 1, Shanghai copper 2105 continued to fall
under pressure.
The news of US President Joe Biden's large-scale infrastructure plan has boosted market risk sentiment, but the market expects the upcoming US non-farm payrolls data to rise sharply, and the US economic recovery confidence has increased, which also increased the attractiveness
of the US dollar.
Upstream domestic copper mine inventories continued to decline, and processing fee TC continued to decline, resulting in smelter production difficulties; However, the risk of a copper strike in Chile has recently been lifted, the Peruvian Transport Association strike has ended, and copper mine supply is expected to gradually recover
.
Recently gradually entered the traditional consumption season, but downstream demand is still weak, domestic copper stocks have not yet entered the decline channel, copper prices are weak
.
Technically, the center of gravity of the Shanghai copper 2105 contract has gradually shifted downward, focusing on the 40-day moving average support, and it is expected that the short-term weak adjustment
is expected.
