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On Wednesday, the main 2110 contract of Shanghai copper continued to open high and fluctuate, with the highest 69590 yuan / ton and the lowest 68900 yuan / ton during the day, and the closing price of 69100 yuan / ton, up 0.
79% from the closing price of the previous trading day; LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper was reported at 9335 US dollars / ton, down 0.
24%
on the day.
Market focus: (1) The U.
S.
House of Representatives voted to adopt the blueprint for a budget resolution supported by Biden, a congressional committee will write the details of the budget framework into tax and spending legislation, and the House and Senate will vote
on the bill this fall.
(2) Codelco's Andina Copper Mine Supervisors Union Sisan accepted the final offer, but its other three unions are still on strike
.
Spot analysis: SMM spot 1# electrolytic copper quotation 69480-69740 yuan / ton, the average price is 69610 yuan / ton, daily increase of 650 yuan / ton
.
The downstream bargain replenishment willingness is strong, still maintain an appropriate amount of bargain buying, the willingness to trade is acceptable, and the transaction activity is relatively quiet
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in the day was 31,900 tons, a daily decrease of 1,400 tons, and a decrease of 6 consecutive days; LME copper stocks were 254,300 tonnes, down 475 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2109 contract 77819, +2951, short positions 82380, +2021, net positions -4561, +930, long and short increased, net space decreased
.
Market research and judgment: the US economic data is not performing well, the spread of the epidemic in the United States may have an impact on the economic recovery, the market's concerns about the rapid balance sheet reduction of the Fed have eased, risk sentiment has warmed up, and the US dollar index has come under pressure to pull back; Also pay attention to this
week's annual meeting of the central bank.
Fundamentals, copper concentrate spot processing fees have rebounded continuously, and tight supply and demand have gradually eased, but the recent Codelco strike problem continues, putting pressure
on supply.
Domestic smelters are still in the maintenance period, superimposed on the influence of power rationing factors, and the growth of refined copper production is slow; And downstream consumption showed that the off-season was not light, and inventories continued to decline
.
The performance of overseas demand is weak, and the rapid growth rate of Lunku limits the upward momentum
of copper prices.
