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On Tuesday, Shanghai copper opened high, all the way to the day, the main month 2211 contract opened at 62,000 yuan / ton, and the daily close was 62,360 yuan / ton, up 1,060 yuan / ton, or 1.
73%.
The new bearish news that has not appeared in the macro for the time being, although the US dollar has been positive for four consecutive years, but Shanghai copper has not slipped, coupled with the marginal improvement of domestic copper consumption and low inventory support, copper prices recorded a sharp rise
in the day.
In terms of spot, on October 11, the trading price of Yangtze River spot 1# copper was 64490-64530 yuan / ton, up 1260 yuan / ton; Premiums 370-410, down 310 yuan / ton
.
Intraday spot prices rose under the water adjustment, the willingness of cargo holders to ship increased, downstream procurement sentiment increased, and transaction activity rose
under just demand consumption.
In terms of stocks, as of October 11, London Metal Exchange (LME) copper stocks increased by 1,975 tons, or 1.
37%, to 145,750 tons
.
On the supply side, Peru's copper production fell by 1.
5% in August, marking the second consecutive month of decline, and Chile also announced that copper production was in a declining stage in August; The increase in domestic supply after the holiday is not significant, although the import window is open, the subsequent source of goods will show an inflow, but the tradable source is still relatively limited
.
On the demand side, the high growth rate of domestic infrastructure investment and the high prosperity of new energy have boosted the marginal improvement of copper consumption
.
According to market research, the operating rate of cable companies in September increased by 3.
04 percentage points month-on-month and 0.
65 percentage points
year-on-year.
Moreover, the downstream demand consumption after the holiday is still resilient
.
On the whole, the "eagle language" dollar rose for four consecutive years, and the macro pressure above copper prices still existed, but fortunately, the bearish shells did not swarm, coupled with the support of extremely low domestic inventories and the resonance of consumption margin, Shanghai copper performed strongly during the day and went all the way up
.
In addition, the increase in domestic supply after the holiday is not significant, and the consumption of just demand is still resilient, and this week is in a forced position, and the price is difficult to fall
.
However, it should still be noted that the Fed's hawkish aggressive monetary policy continues, the market is cautious about this, and the IMF has warned that the rising risk of global recession will affect the valuation of copper prices, so copper prices are currently under pressure in the range, and the macro and micro games continue
.
