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On Tuesday, the main 2103 contract of Shanghai copper fell slightly, with the highest 59190 yuan / ton during the day, the lowest 58670 yuan / ton, and the closing price of 58890 yuan / ton, down 0.
66% from the closing price of the previous trading day; In the external market, LME copper opened high, as of 15:00 Beijing time, 3-month London copper was reported at 7976.
5 US dollars / ton, up 0.
40%
on the day.
Market focus: (1) At 23:00 Beijing time on Tuesday, US Treasury Secretary nominee Yellen will participate in the hearing, which is expected to rule out the possibility of seeking a weaker dollar, but does not want the dollar to strengthen
.
Spot analysis: On January 19, spot 1# electrolytic copper was quoted at 58940-59120 yuan / ton, with an average price of 59030 yuan / ton, a daily increase of 355 yuan / ton
.
Yangtze River Nonferrous Metal Report, continued premium quotation, low-price source transaction is better, downstream just need to purchase, the overall transaction is general
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 26,642 tons on Tuesday, flat; On January 18, LME copper stocks were 97,675 tons, down 2,275 tons per day, falling for five consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2103 contract are 73858 lots, minus 61 lots per day, short positions are 79192 lots, daily minus 216 lots, net short positions are 5334 lots, daily minus 155 lots, long and short are reduced, net space is reduced
.
On January 19, Shanghai copper 2103 fluctuated slightly down
.
U.
S.
Yellen is expected to rule out seeking a weaker dollar, but also does not want a stronger dollar, while saying that bold investments are needed to boost the economy and accelerate vaccine distribution to control the epidemic, which is conducive to improving
risk sentiment.
Domestic copper mine supply maintained a tight pattern, copper ore processing fees TC continued to be reduced, and copper smelting costs were high; However, the implementation of the new policy for scrap copper has greatly increased the import volume, and the price difference between refined waste has widened, and the substitution role will gradually increase; At the end of the year, the downstream market inventory willingness continued to decline in recent days, but there is still resistance
above copper prices as demand is expected to gradually fade in the off-season.
Technically, the Shanghai copper 2103 contract reduced its position, and the long and short trading was cautious, and it is expected that the short-term volatility will continue
.
