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On Tuesday, the LME copper platform dived, as of 15:00 Beijing time, the three-month London copper was reported at $6175 / ton, up 0.
52%
per day.
The main 2003 contract of Shanghai copper rebounded at a low level, with a maximum of 49,020 yuan / ton, a minimum of 48,710 yuan / ton, and a closing price of 49,010 yuan / ton, up 0.
51% from the closing price of the previous trading day; The trading volume was 57599 lots, and the daily decrease was 28375 lots; The position was 119,200 lots, an increase of 6,467 lots
per day.
The basis was reduced to -250 yuan/ton; The price difference of Shanghai copper in 2002-2003 narrowed to -140 yuan / ton
.
Market focus: (1) The final value of the US Markit services PMI recorded 52.
8 in December, higher than the previous value and expectations of 52.
2
.
(2) The Iraqi Allah Party said that if Trump insists that US troops continue to be stationed in Iraq, it will turn US air bases into ruins
.
(3) The Chilean government's decision not to fund Codelco this year will force the world's largest copper producer to complete a $20 billion investment plan on its own, or watch copper production decline
.
Spot analysis: On January 7, spot 1# electrolytic copper was quoted at 48720-48800 yuan / ton, with an average price of 48760 yuan / ton, a daily increase of 30 yuan / ton
.
Intraday copper turned red, premium high, the market after the previous days of concentrated bargain replenishment, intraday more stop and watch, a small amount of downstream just demand, although traders have the willingness to receive goods, but the price is difficult to achieve the desired target, supply and demand are more likely to fall into a standoff
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 65,681 tons on Tuesday, down 849 tons per day; On January 6, LME copper stocks were 142,900 tons, down 1,625 tons per day, and fell for 29 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2003 contract were 80154 lots, with a daily increase of 4695 lots, short positions of 85193 lots, a daily increase of 3995 lots, a net short position of 5039 lots, a daily decrease of 700 lots, both long and short increases, and the net space decreases
.
Market research and judgment: On January 7, the main force of Shanghai copper rebounded
at a low level in 2003.
The US Markit service industry data in December exceeded expectations, the US dollar rebounded, while the global economic outlook was uncertain, coupled with downstream demand has weakened, the market still has doubts about the future demand performance, putting pressure on copper prices, but the upstream Chilean government will no longer fund Codelco this year, copper mine production concerns, and London copper inventories continue to decline, has fallen for 29 days, coupled with the Middle East geopolitical tension fermentation, the market panic has eased, copper prices below the support strengthened
。 In terms of spot, intraday copper turned red, premium high, the market after the previous days of concentrated bargain replenishment, intraday more stop and wait, a small amount of downstream just demand, although traders have the willingness to receive goods, but the price is difficult to achieve the desired target
.
Technically, Shanghai copper helped the mainstream long positions of the 2003 contract to increase their positions greatly, focusing on the support of the 48700 position, and it is expected that the short-term volatility will be strong
.
