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On Thursday, the main 2010 contract of Shanghai copper opened high and fell, with the highest of 52320 yuan / ton, the lowest 51630 yuan / ton, and the closing price of 51700 yuan / ton, down 0.
25% from the closing price of the previous trading day; In the external market, LME copper fell sharply, as of 15:00 Beijing time, the three-month London copper was reported at 6678 US dollars / ton, down 1.
20%
on the day.
Market focus: (1) The ECB said that the economic development since June has been broadly in line with the central bank's expectations, so the bank's "baseline forecast" still applies
.
Spot analysis: On September 10, spot 1# electrolytic copper was quoted at 52080-52200 yuan / ton, with an average price of 52140 yuan / ton, a daily increase of 90 yuan / ton
.
Yangtze River Nonferrous Metal reported that the willingness of the receiving end is not strong, downstream consumption is cautious, and the transaction is light
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,796 tons on Thursday, an increase of 890 tons per day; On September 9, LME copper stocks were 73,425 tons, down 3,125 tons per day, and fell for 20 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 80686 lots, minus 522 lots per day, 72685 short positions, minus 31 lots per day, net long positions were 8001 lots, daily minus 491 lots, long and short were reduced, and net long decreased
.
The spread of the global epidemic has hit the prospects of economic recovery, coupled with the intensification of tensions between China and the United States, and market risk sentiment has been suppressed; At the same time, domestic electrolytic copper production gradually rebounded, while market demand did not see significant improvement, copper enterprise operating rate in August continued to decline month-on-month, Shanghai copper inventory still increased slightly, limiting copper prices above space
.
However, China's copper mine imports fell month-on-month in August, and copper processing fees TC remained low, and raw material supply continued tightly; Coupled with the continuation of the downward trend of copper inventories and the closure of the domestic import window, the number of imported copper fell month-on-month, supporting copper prices
.
Technically, the mainstream long position reduction of the Shanghai copper 2010 contract is larger, maintaining a range operation, and it is expected to fluctuate
in a wide short-term range.
