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The LME copper market
is closed on Monday.
The main 2110 contract of Shanghai copper rose sharply, with the highest 70280 yuan / ton and the lowest 69190 yuan / ton during the day, and the closing price was 70130 yuan / ton, up 1.
45% from the closing price of the previous trading day, and the trading volume was 133885, an increase of 34391 per day; Positions 129293, increasing by 2632
per day.
Market Focus: (1) Powell said he believes the Fed is likely to taper its bond purchases this year, however, he also noted that there is still some uncertainty
surrounding the pandemic and the spread of the Delta variant.
(2) According to Mysteel data, on August 27, China's copper concentrate port inventory was 680,000 tons, a weekly decrease of 52,000 tons
.
On August 27, China's copper ore processing fee TC was $61.
5/dry ton, up $2.
1/dry ton
from last week.
(3) On August 27, Codelco Chile called on the strike workers at the Andina mine, who had been on strike for 16 days
, to return to the negotiating table.
Spot analysis: spot 1# electrolytic copper quotation 69950-70250 yuan / ton, the average price is 70100 yuan / ton, up 920 yuan / ton
per day.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 26,878 tons, a daily decrease of 3,948 tons; On August 27, LME copper stocks stood at 254,250 tonnes, down 50 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2110 contract 77665, +1813, short positions 83106, +3011, net positions -5441, -1198, long and short increased, net short increased
.
Market research and judgment: Federal Reserve Chairman Powell is about to speak at the annual meeting of the central bank, the market is concerned about the Fed's attitude in reducing the scale of bond purchases, cautious sentiment is heavier, and the dollar index is volatile and adjusted
.
Fundamentals, copper concentrate spot processing fees have rebounded continuously, and tight supply and demand have gradually eased, but the recent South American strike problem has continued, putting pressure
on supply.
Domestic smelters are still in the maintenance period, superimposed on the influence of power rationing factors, and the growth of refined copper production is slow; And downstream consumption showed that the off-season was not light, and inventories continued to decline; And the future market consumption is coming, demand is still expected to improve, and the support for copper prices is strengthened
.
