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Shanghai copper opened high and weakened in the morning on Thursday, and the shock rose in the afternoon, with the main monthly 2210 contract opening at 60890 yuan / ton, and the daily close at 61150 yuan / ton, up 180 yuan / ton, or 0.
30%.
The macro pressure margin eased, while major overseas copper mines faced strike interference, causing supply shortage concerns, coupled with domestic spot still tight, copper prices below the support, copper prices rose moderately during the day
.
In terms of spot, on September 08, the trading price of Yangtze River spot 1# copper was 61960-62000 yuan / ton, down 20 yuan / ton; Liter 560-liter 600, up 60 yuan / ton
.
In the spot market, the supply of spot circulation is limited, the price sentiment of holders is strong, the downstream is still afraid of heights and hesitates to lack the willingness to chase high stocks, and the overall Mid-Autumn Festival stocking willingness is weak, and the overall transaction difficulty is reflected
in a lot.
In terms of inventories, as of September 8, London Metal Exchange (LME) copper stocks decreased by 575 tons, or 0.
28%, to 102725 tons; As of September 8, the warehouse receipt of copper futures in the previous period was 3,848 tons, unchanged
.
On the supply side, Chile's Escondida copper mine faced disruptions amid strikes, following official production data from Chile and Peru, the two largest copper producers, showing that copper production in July was lower than a year earlier
.
Domestic high temperature relief refinery resumed production, supply disturbance ended and returned to growth expectations, but there is no sign of
a significant increase in supply.
On the demand side, domestic power investment is still driving copper consumption, and refined copper starts are picking up, but the domestic epidemic has restarted, the peak season needs to be investigated, and the consumption side is still dragged down by real estate It is difficult to have a bright performance
.
Under the limited supply of goods, downstream consumption is afraid of heights, lack of willingness to chase high and stock, and the market is afraid of excessive premiums, and the difficulty of spot transactions is reflected in a lot
.
Comprehensive analysis, the Fed's interest rate hike in September is a sure thing, but the pressure on the peripheral market has not increased further, and Shanghai copper has rebounded
slightly within the day.
Chilean copper mines have been disrupted by strikes again, and supply disruptions have triggered market concerns about supply shortages, coupled with global copper inventories still at low levels, and copper prices are supported
below.
In addition, under the tight pattern of domestic spot, the sentiment of holders is strong, while the downstream wait-and-see mood is strong, the willingness to replenish is weak, the overall spot trading surface is difficult to have a bright performance, the actual peak season effect has not been obvious, and the short-term Shanghai copper has rebounded
moderately.
