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On Monday, Shanghai copper opened low consolidation, the main month 1901 contract opened at 49070 yuan / ton, the highest intraday 49160 yuan / ton, the lowest 48770 yuan / ton, settled 49000 yuan / ton, closed 48920 yuan / ton, down 360 yuan, down 0.
73%.
The trading volume of the main 1901 contract of Shanghai copper increased by 32068 lots to 221910 contracts throughout the day, and the position increased by 8110 to 197952 lots
.
In terms of external trading, Apanlon copper is running strongly, Beijing time at 15:00, the latest quotation is 6056 US dollars / ton, up 17 US dollars, or 0.
28%.
Previously, the Fed reiterated its gradual interest rate hike and the US economic data performed extremely brightly, which boosted investors' bullish outlook for the US dollar and was not conducive to the rebound
of copper prices.
In the market, the domestic spot copper price fell, the Yangtze River spot 1# copper price was reported at 49210 yuan / ton, down 300 yuan, 100 liters - 120 liters; Shanghai spot 1# copper price was 49120 yuan / ton, down 305 yuan / ton
.
In the spot market, the pressure of cargo holders is greater, the willingness to receive goods downstream is low, and traders mainly trade at low prices
.
In terms of inventories, LME copper stocks fell by 64,775 tonnes in October, a decline of 32%; COMEX copper stocks fell relatively modestly, down 16,286 tonnes; Domestic inventories bottomed out, increasing by 19,869 tons, an increase of 54.
4%.
It can be seen that domestic inventories have rebounded significantly, and on November 2, London copper stocks increased by 43,700 tons, and the sharp recovery of stocks still needs to be
treated with caution.
In terms of industries, China's refined copper production in September was 764,000 tons, up 2% month-on-month and 10.
4% year-on-year; From January to September, the cumulative output of refined copper in China was 6.
607 million tons, still maintaining double-digit high growth
.
Therefore, the supply of both copper concentrate and refined copper shows no signs of tightening, and the pressure on the supply side remains
.
On Monday, the Shanghai copper 1901 contract fell slightly, the end of the market closed at 48920, London copper 6000 US dollars repeatedly, short-term two markets are basically the bottom shock stage, for the spot, a sharp decline to buy spot or the wisest, after all, the overall copper price is a bottom-building stage, Shanghai copper 1901 contract, no position can receive more orders, there are many orders to continue to hold
.
