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On Tuesday, the main 2107 contract of Shanghai copper rose slightly, with the highest 74350 yuan / ton and the lowest 73590 yuan / ton within the day, and the closing price was 74160 yuan / ton, up 0.
28% from the previous trading day's closing price; LME copper rose slightly, as of 15:00 Beijing time, the three-month London copper was at $10,310 / ton, up 0.
35%
per day.
Market focus: (1) According to the OECD, the global economy will grow by 5.
8% this year and 4.
4% next year; In March, growth is forecast to be 5.
6% and 4.
0%,
respectively.
(2) Chile's manufacturing output rose 5.
9% year-on-year in April, while copper production fell 1.
5% year-on-year to 467,594 tonnes
in April, the latest data released by Chile's Government Statistics Institute (INE).
(3) BHP's workers' strike at Chile's Escondida and Spence copper mines entered its fifth day on Monday as unions awaited a decision
by labor authorities on whether the replacement workers called by the company were legal.
Spot analysis: On June 1, spot 1# electrolytic copper was quoted at 73600-73950 yuan / ton, with an average price of 73775 yuan / ton, a daily increase of 175 yuan / ton
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 151,600 tons on Tuesday, a daily increase of 575 tons; On May 28, LME copper stocks were 122425 tonnes, down 1,325 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2107 contract were 87703 lots, a daily increase of 3508 lots, short positions were 91068 lots, a daily increase of 3608 lots, a net short position of 3365 lots, a daily increase of 100 lots, long and short increases, and net short increases
.
Market research and judgment: Shanghai copper 2107 rose
slightly on June 1.
The upward momentum of US Treasury yields weakened, inflation expectations slowed, and the US dollar index fell under pressure; US President Joe Biden's plan to propose a $6 trillion budget proposal and fiscal policy have sharply increased expectations, which has heated up risk sentiment
.
Upstream copper processing fees TC have stabilized, but copper mine supply concerns have increased as recent Chilean copper strikes continue
.
The rise in copper prices and sulfuric acid prices eased the pressure on the cost side, and the output of refined copper remained stable; The recent opening of the export window and the increase in downstream bargain-hunting intentions, domestic inventories have shown a downward trend, supporting copper prices
.
Technically, the mainstream short position of the Shanghai copper 2107 contract increased significantly, and the daily KDJ low golden cross, it is expected that the short-term shock is strong
.
