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The LME copper market
is closed on Monday.
The main 2102 contract of Shanghai copper rushed back to the high, with the highest 59210 yuan / ton and the lowest 58300 yuan / ton during the day, and the closing price was 58770 yuan / ton, up 0.
36% from the closing price of the previous trading day; The trading volume was 117109 lots, with a daily increase of 32441 lots; The position was 121597 lots, an increase of 4280 lots
per day.
basis 0 yuan/ton; Shanghai copper 2102-2103 month price difference -90 yuan / ton
.
Market focus: (1) Trump signed the new crown relief bill into law, which contains $1.
4 trillion in combined spending to fund defense spending and domestic programs, and a $900 billion new crown relief bill
.
(2) On December 27, Europe officially launched a large-scale vaccination program, and the government has signed more than 2 billion vaccine contracts with a range of vaccine suppliers and set a goal
of vaccinating all European adults by 2021.
(3) MMG, a subsidiary of Minmetals, announced that force majeure will postpone some copper mine business
in Aihua China.
(4) Mysteel data, China's spot inventory of electrolytic copper on December 25 was 148,400 tons, continuing to decrease by 06,500 tons
from the 21st.
Spot analysis: On December 28, spot 1# electrolytic copper was quoted at 58620-58920 yuan / ton, with an average price of 58770 yuan / ton, a daily increase of 530 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 28,155 tons on Monday, a daily decrease of 700 tons; On December 24, LME copper stocks were 116,100 tons, down 3,275 tons per day, down for 13 consecutive days
.
As of the week ended December 25, the previous period of Shanghai copper stocks reported 75,149 tons, a weekly increase of 927 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2102 contract were 80947 lots, a daily increase of 3626 lots, short positions were 85511 lots, a daily increase of 3392 lots, a net short position of 4564 lots, a daily decrease of 234 lots, both long and short increases, and net space increased
.
Market research and judgment: Shanghai copper 2102 rebounded
slightly on December 28.
US President Donald Trump agreed to sign the stimulus bill, coupled with the start of vaccination efforts in Europe, market risk sentiment has increased, but there is still a possibility
of an outbreak in the spread of variant viruses.
Domestic smelters agreed to a copper processing fee of US$53 per ton in the first quarter of next year, further reduced from US$58 per ton in the fourth quarter of this year, and smelting costs continued to be high; Downstream market demand maintained a good performance, Shanghai copper inventories showed a trend of decomposition, and copper prices performed strongly
.
Technically, the mainstream bulls of the Shanghai Copper 2102 contract increased their positions slightly, focusing on the 20-day moving average support, and it is expected that the short-term shock will rise
.
