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On Thursday, the main 2106 contract of Shanghai copper opened high, the highest 72960 yuan / ton in the day, the lowest 71510 yuan / ton, and the closing price of 72380 yuan / ton, up 1.
46% from the closing price of the previous trading day; In the external market, LME copper rushed back to the high, as of 15:00 Beijing time, the three-month London copper was reported at $9928 / ton, up 0.
73%
on a daily basis.
Market focus: (1) The US FOMC announced its latest interest rate decision, keeping the benchmark interest rate unchanged in the range of 0%-0.
25%, the excess reserve ratio unchanged at 0.
1%, the discount rate unchanged at 0.
25%, and the monthly bond purchase scale at $120 billion
.
Spot analysis: On April 29, spot 1# electrolytic copper was quoted at 72140-72520 yuan / ton, with an average price of 72330 yuan / ton, a daily increase of 1385 yuan / ton
.
Yangtze River Nonferrous Metal reported that the supply of circulating goods has decreased, traders are cautious and wait-and-see, and the trading atmosphere is quiet
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 130,560 tons on Thursday, an increase of 400 tons per day, an increase of 6 consecutive days; On April 28, LME copper stocks were 148975 tons, down 5,625 tons per day, down for 10 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2106 contract are 99937 lots, an increase of 1855 lots per day, short positions are 117197 lots, an increase of 930 lots per day, net short positions are 17260 lots, a daily decrease of 925 lots, long and short are increased, and net space is reduced
.
Market research and judgment: Shanghai copper 2106 opened high and went
high on April 29.
The Fed kept interest rates unchanged and maintained the pace of bond purchases, and Powell kept his dovish attitude unchanged, putting pressure on the dollar index to the downside; At the same time, the world's major economies are expected to maintain their recovery momentum, and the economic outlook remains optimistic
.
Upstream domestic copper mine inventories have rebounded slightly, copper mine TC has also stabilized, superimposed copper mine new capacity is expected to be put on one after another, copper mine supply is expected to improve, but short-term smelters are still facing high cost pressure
.
Recently, domestic copper inventories have increased slightly, downstream demand performance is still flat, and there is still resistance
above copper prices.
Technically, the mainstream long position of the Shanghai copper 2106 contract increased its position greatly, focusing on the large support of the 5-day moving average, and it is expected that the short-term shock will be strong
.
