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On Tuesday, the main 2107 contract of Shanghai copper fell sharply, with the highest 71560 yuan / ton and the lowest 68500 yuan / ton during the day, and the closing price was 70230 yuan / ton, up 2.
15% from the previous trading day's closing price; LME copper fell sharply, as of 15:00 Beijing time, the three-month London copper was reported at $9739.
5 / ton, down 2.
18%
on the day.
Market focus: (1) At 20:30 Beijing time on June 15, the US PPI for May and retail sales data for May will be released
.
(2) Workers at BHP's Spence copper mine accepted the final wage day on the last day of mediation negotiations, thus avoiding a copper strike
.
Spot analysis: On June 15, the spot 1# electrolytic copper quotation was 69780-70150 yuan / ton, the average price was 69965 yuan / ton, down 795 yuan / ton
daily.
The spot market is quiet, the holders are more confused and delayed in quotation, the downstream bearish wait-and-see, the transaction is not good
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 127023 tons on Monday, an increase of 2,542 tons per day; On June 15, LME copper stocks were 140625 tons, an increase of 2,325 tons per day, an increase of 7 consecutive days
.
As of the week ended June 11, the previous period of Shanghai copper stocks reported 180967 tons, down 20,744 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract were 83171 lots, a daily increase of 3295 lots, short positions were 81940 lots, a daily decrease of 3163 lots, a net short position of 1231 lots, a daily increase of 6458 lots, more increase and short, net increase
.
Market analysis: the Fed policy meeting is coming, the market is worried that the Fed may hint that it will start tapering bond purchases, cautious sentiment is heating up, in addition to paying attention to the US retail sales and PPI data release for May; At the same time, the ECB continued to maintain its accommodative policy, which also supported the dollar
.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved, and the disturbance of copper mine events in South America weakened
.
However, copper production has
declined slightly due to increased refinery overhauls recently.
At present, the performance of downstream demand is flat, mostly bargain hunting, driving domestic inventories to maintain a decline
.
In addition, the news of the State Reserve Bureau's dumping will put some pressure on spot prices, and copper prices are under pressure
.
Technically, the mainstream position of the Shanghai copper 2107 contract increased and decreased, and the shadow line tested the 70,000 mark, and it is expected that the short-term weak adjustment
.
