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In the eleventh section, the range of copper in Nailun was mainly volatile, and the Shanghai copper opened high on the first day after the holiday to hit the 70,000 mark, and the intraday slide successively converged some of the gains
.
The risk of default on the U.
S.
bond ceiling temporarily eased, which once boosted market risk sentiment, but the domestic copper community pool increased, and copper prices rose relatively limited
.
It is expected that Shanghai copper will maintain a volatile pattern next week, with obvious upper pressure and acceptable support effect
.
On the macro front, U.
S.
Senate Majority Leader Chuck Schumer announced that the Senate has agreed on an agreement to extend the emergency debt ceiling until early December, which would prevent the U.
S.
government from defaulting
on its national debt in mid-October.
The much-anticipated US non-farm payrolls data is coming
.
For peripheral markets, analysts said that macro uncertainty is high, the Fed is more certain to shrink debt during the year, and the European economic repair has slowed down
.
In terms of news, Chile's copper output in August 2021 was 466928 tons, which continued to fall month-on-month and was lower than the same period last year, mainly due to the decline in the taste of some mines and the disruption
of strikes.
However, satellite monitoring data showed that global copper smelting activity picked up in September, as higher processing costs prompted many smelters to increase production
.
However, analysts said that many provinces in China are still curtailing power, and under the background of the "dual carbon" strategy, some smelters believe that power cuts will last for a long time
.
In terms of inventory, during the holiday, LME copper inventories continued to decline, and the speed of dematerialization of registered warehouse receipts accelerated significantly, and the proportion of cancellations continued to rise, continuing to provide low support
for copper prices.
However, SMM's national mainstream copper regional market inventory increased by 20,900 tons from before the holiday to 111,000 tons
.
On the first day after the holiday, inventories rose everywhere, with the largest increases in Shanghai and Guangdong, which increased by 10,900 tons and 06,400 tons
respectively.
Analysts said that from the perspective of the reduction in SHFE and social treasury inventories, the decline in inventories has slowed
down in the case of suppressed consumption.
In addition, the market expects the inflow of imported copper after the festival, and in the context of the current continuous power cuts, it is necessary to continue to pay attention to the inventory situation and observe whether there will be an inflection point
.
