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On Wednesday, the main 2106 contract of Shanghai copper rose in shock, with the highest 77150 yuan / ton in the day, the lowest 75670 yuan / ton, and the closing price of 77090 yuan / ton, up 1.
43% from the previous trading day's closing price; LME copper rose slightly, as of 15:00 Beijing time, the three-month London copper was at $10,592 / ton, up 0.
34%
on the day.
Market focus: (1) At 20:30 Beijing time on Wednesday, the United States will release CPI data for April, and the market is expected to show the largest year-on-year increase in nearly 10 years
.
Spot analysis: On May 12, spot 1# electrolytic copper was quoted at 75880-76140 yuan / ton, with an average price of 76010 yuan / ton, a daily increase of 660 yuan / ton
.
Holders are actively shipping, traders receive goods at low prices, and downstream just need to purchase
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 154209 tons on Wednesday, an increase of 5,710 tons per day, an increase of 12 consecutive days; On May 11, LME copper stocks were 118875 tons, down 4,325 tons per day, down 18 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract were 82467 lots, minus 1393 lots per day, short positions were 98038 lots, daily minus 274 lots, net short positions were 15571 lots, daily increase of 1119 lots, long and short were reduced, net space increased
.
Market research and judgment: Shanghai copper 2106 volatility rose
on May 12.
Upstream copper processing fees TC have stabilized, but they are still low, and Chilean copper mines are again at risk of strikes, and copper supply is still tight
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and smelting activity picked up in April; And domestic downstream demand is still weak, the operating rate of copper enterprises has declined year-on-year, and domestic inventories have continued to grow
.
However, the economic recovery in the future market is expected to accelerate demand growth, and copper inventories are at a low level, supporting copper prices
.
Technically, the mainstream long position reduction of the Shanghai copper 2106 contract is large, focusing on the support of the 5-day moving average, and the short-term shock is expected to be strong
.
