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On Monday, the main 2104 contract of Shanghai copper rebounded, with the highest 67610 yuan / ton and the lowest 65730 yuan / ton within the day, and the closing price of 66780 yuan / ton, down 0.
99% from the previous trading day's closing price; LME copper opened high, as of 15:00 Beijing time, 3-month London copper was reported at $8999 / ton, down 0.
24%
on a daily basis.
Market focus: (1) The U.
S.
manufacturing index rose to 60.
8 in February from 58.
7 in January, higher than economists' median estimate of 58.
9, the fastest growth level in three years, while the material cost indicator posted the largest increase since 2008
.
Spot analysis: On March 2, spot 1# electrolytic copper quotation 66050-66270 yuan / ton, the average price was 66160 yuan / ton, down 1400 yuan / ton
daily.
Some traders waited and watched, and the downstream was moderately bargain-priced, and the transaction was average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 76,965 tons on Tuesday, an increase of 7,004 tons per day; On March 1, LME copper stocks stood at 74,200 tonnes, minus 2,025 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2104 contract are 76931 lots, minus 236 lots per day, short positions are 78505 lots, daily minus 4048 lots, net short positions are 1574 lots, daily minus 3812 lots, long and short are reduced, net space is reduced
.
Market research and judgment: Shanghai copper 2104 rebounded on March 2
.
The US $1.
9 trillion stimulus package ushered in progress, but the recent economic recovery in the United States and rising inflation expectations raised concerns about the Fed's early interest rate hike, and market risk sentiment was frustrated, which boosted the sharp recovery of the dollar index
.
The domestic copper mine supply of upstream domestic copper mines maintained a tight pattern, and the copper processing fee TC continued to decrease, resulting in high smelting costs
.
At present, the performance of domestic demand is still weak, but although domestic inventories have entered the accumulation cycle, they are still significantly lower than the same period of previous years; With the resumption of work by downstream companies after the Spring Festival and the expectation of overseas demand recovery, copper prices are still supported
.
Technically, the mainstream short position reduction of the Shanghai copper 2104 contract is large, and the hourly MACD green column is expected to adjust short-term
shocks.
