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On Wednesday, the main 2108 contract of Shanghai copper rose slightly, with the highest 68610 yuan / ton and the lowest 67840 yuan / ton during the day, and the closing price was 68390 yuan / ton, up 0.
35% from the previous trading day's closing price; LME copper fluctuated slightly, as of 15:00 Beijing time, 3-month London copper was reported at $9375 / ton, up 0.
30%
per day.
Market Focus: (1) U.
S.
President Joe Biden vowed on Tuesday to keep pressuring Congress until Congress passes a bipartisan infrastructure deal and a larger tax and spending bill to advance his other governing agendas
.
(2) The Large Business Institute's consumer confidence index rose to 127.
3 from a revised 120 in May, with economists' median forecast of 119
.
Consumers also expect inflation to climb in the coming year
.
(3) At 20:15 Beijing time on June 30, the United States will announce the number of ADP employment in June, and the market expects only 550,000
.
Spot analysis: On June 30, the spot 1# electrolytic copper quotation was 68300-68450 yuan / ton, the average price was 68375 yuan / ton, a daily increase of 230 yuan / ton
.
Cargo holders have no intention of rushing to trade, traders purchase in small quantities, consumption has no bright spots, and the overall trading performance is not good
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 210,350 tons, a daily decrease of 524 tons, a continuous decrease of 11 days; On June 29, LME copper stocks were 210,350 tonnes, down 575 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2108 contract 72001, -841, short positions 74173, +511, net positions -2172, -1352, long short increase, net short increase
.
Market analysis: US President Joe Biden continues to work hard to advance the infrastructure plan, and if the two parties reach an agreement, it will be conducive to economic growth and boost risk sentiment; Also pay attention to the recent US employment data, which if it performs better than market expectations, it will increase the fear of
Fed tightening.
Upstream domestic copper mine inventories continued to grow, and copper ore processing fees TC steadily rebounded, indicating that the tension in copper mines improved
.
However, the recent increase in refinery maintenance and the close import window have led to a decline
in copper production and imports.
At present, downstream demand is not performing well, mostly bargaining on demand, and the demand off-season is gradually approaching, the decline in domestic inventories has slowed down, while overseas inventories have increased sharply, and copper prices have been adjusted
at a low level.
Technically, the Shanghai copper 2108 contract triangular shock convergence trend
.
