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On Monday, copper prices continued to rise, the main 10 contract of Shanghai copper in the morning market briefly touched the high to around 71740 yuan / ton, and then fell back to the daily average above 71180 yuan / ton near the narrow range of shock finishing, below by 71100 yuan / ton position support is strong, after 11 o'clock the plate rebounded again to 71500 yuan / ton a line of shock finishing
.
Domestic and foreign inventories continue to destock, macro and fundamental resonance in a short period of time, and copper maintains high volatility
.
On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, but the recent strengthening of the Fed's taper expectations has led to a sharp strengthening of the US dollar, which is not very favorable
for the overall non-ferrous metals sector, including copper.
In terms of fundamentals, the current TC price continues to rise, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, copper varieties have not been accumulated immediately after entering the off-season, and the future market needs to continue to pay attention to the emergence
of inventory inflection points.
In terms of inventory, the LME accumulated for the first time in September, and SHFE continued to destock.
In terms of imports, the internal and external prices weakened, and import transactions were suppressed
.
On the whole, the current long-short divergence is large, the national level continues to speak, and the market sentiment has cooled
.
Spot: Yesterday's spot market premium once again showed a thousand miles, holders have stepped on the price adjustment shipment, due to the soaring market, downstream inquirers few, plus the morning market basis BACK structure back back back to 200 yuan / ton, holders have dumped goods, the market smells a lot of buying
。 Morning market flat water copper began to report in the premium 40-50 yuan / ton after some holders took the lead in adjusting the price to premium 0-20 yuan / ton, the market still did not see the inquirer into the market, although some holders in the flat water line slightly resisted, but under the leadership of individual traders, the overall quotation quickly fell to a discount of 20 yuan / ton, still smell a large number of buying actively enter the market, led by individual traders again lowered to a discount of 50 - 40 yuan / ton before a slight transaction
.
When the supply of good copper and wet copper is tight, the overall reduction is not as good as that of flat water copper
.
Liter copper is reported at 30-70 yuan / ton in premium, wet copper is reported to discount 80-40 yuan / ton under the guidance of some brands such as Nolrisk, the overall transaction is relatively light, and the actual transaction
is unpleasant.
