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On Monday, the main 2009 contract of Shanghai copper opened high, with the highest 50,750 yuan / ton and the lowest 50,040 yuan / ton during the day, and the closing price was 50,730 yuan / ton, up 1.
26% from the closing price of the previous trading day; In the external market, LME copper continued to rise, as of 15:00 Beijing time, the three-month London copper was reported at 6420 US dollars / ton, up 0.
86%
on a daily basis.
Market focus: (1) As of about 6:30 Beijing time on August 17, the United States has confirmed a total of 5564159 new coronary pneumonia cases and 173072
deaths.
Compared with the data at 6:30 on the previous day, there were 38,152 new confirmed cases and 536 new deaths in the United States
.
(2) In the week of August 14, the stock of copper concentrate in the domestic port was 490,000 tons, an increase of 30,000 tons per week; The TC index of copper processing fees was $49/dry ton, unchanged
from last week.
Spot analysis: On August 17, spot 1# electrolytic copper was quoted at 50260-50500 yuan / ton, with an average price of 50380 yuan / ton, a daily increase of 335 yuan / ton
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 58,938 tons, a daily decrease of 4,925 tons; On August 14, LME copper stocks were 113,200 tonnes, down 675 tonnes
per day.
As of the week ended August 14, the previous period of Shanghai copper stocks reported 172051 tons, down 404 tons
weekly.
Main positions: the top 20 long positions of Shanghai copper main 2009 contracts are 72950 lots, minus 2209 lots per day, short positions are 72412 lots, daily minus 1809 lots, net long positions are 538 lots, daily minus 400 lots, long and short are reduced, net long and long are reduced
.
Market research and judgment: On August 17, Shanghai copper 2009 opened high and went
high.
The new crown epidemic in the United States is still spreading, the economic recovery is facing greater resistance due to restrictive measures, and the dollar index continues to be weak; Trump said that China is expanding purchases of American goods, sending a positive message to the Sino-US trade situation; At the same time, the current domestic copper mine procurement demand is high, and the supply of raw materials remains tight, which supports copper prices
.
However, the US crackdown on Chinese companies has intensified, and tensions between the two countries are still heating up, increasing market concerns; In addition, the current market is in the off-season, downstream demand performance is weak, Shanghai copper inventories have increased recently, and the pressure on copper prices has increased
.
Technically, the Shanghai copper 2009 contract daily KDJ indicator golden cross, pay attention to the resistance at the 51200 position, and it is expected to be weak and volatile
in the short term.
