Copper prices continue to rebound with difficulty is expected to continue to have downward pressure
2023/6/9
Observe the top 20 seats on the exchange, from the Shanghai copper futures 2307 contract long-short position reduction, long positions reduced by 1011 lots, short positions increased by 1542 lots, indicating that the market sentiment on copper prices are relatively cautious, the short force is strong. In terms of absolute volume level, the top 20 seats net long decreased by 1637 lots, net short increased by 916, in line with the price rush back down.
On the long side, 9 long positions increased, 11 reduced positions, including a total of two seats with a reduction of more than 500 hands, respectively, Huatai Futures (833 hands) and Galaxy Futures (520 hands). The distribution of seats from the reduction of positions is more dispersed, indicating that the strength of the long side is relatively weak, but there is no obvious selling situation.
On the short side, there are 11 seats continue to increase positions, 9 short position reductions, which increased by more than 500 seats were Everbright Futures (1667 hands), International Trade Futures (536 hands), reduced by more than 500 seats were Huatai Futures (1143 hands), National Investment Anxin (687 hands).
Specifically, the net long seats, Jianxin Futures, Guotai Junan Futures, Hongye Futures seat net position increased, respectively, increased by 219, 536, 193 hands, indicating that the seat of investors on the market prices continue to move up confidence more adequate. And Galaxy Futures, Yunchen Futures net long position fell back to a large, respectively, 810 hands, 609 hands, the market is expected to weaken the long.
Net short seats, the main seats of the short position increases or decreases, including the East China Futures, the investment in security, Huatai Futures net short position were reduced by 354, 1325, 310 hands, short confidence has weakened; while the International Trade Futures, Everbright Futures short position increased by 536, 1667 hands, short confidence has increased.
From the viewpoint of position changes, both long and short sides are cautious, and the short concentration has increased. For copper prices, positions fall back or indicate that the current price increase is mainly driven by short positions closed, the rebound sustainability is in doubt. Looking ahead, copper prices continue to rally with difficulty, the initial focus on 66,000-67,000 yuan / ton, is expected to follow there is still downward pressure. If the risk of economic recession in Europe and the United States and other liquidity risks further fermentation, do not rule out the possibility of breaking down again, it is not recommended to take the bottom.
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