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On Tuesday, the Shanghai copper main 2012 contract fell back to a high level, with the highest of 53,580 yuan / ton, the lowest of 52,670 yuan / ton, and the closing price of 52,850 yuan / ton, down 1.
47% from the closing price of the previous trading day; In the external market, LME copper continued to fall, as of 15:00 Beijing time, 3-month London copper was reported at 7083 US dollars / ton, down 0.
17%
on the day.
Market focus: (1) Moderna said that its experimental new crown vaccine has reached 94.
5%
effectiveness in preventing the new crown virus.
(2) At the November FOMC meeting, Fed officials kept interest rates near zero and did not change their asset purchase program
.
However, Powell said after the meeting that the Fed may adjust the plan to provide more stimulus
to the US economy.
(3) Chile's Candelaria copper miners are divided over whether to go ahead with the four-week strike, which produced 111,400 tonnes of copper
last year.
Spot analysis: On November 17, spot 1# electrolytic copper was quoted at 53160-53300 yuan / ton, with an average price of 53230 yuan / ton, down 70 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that the receiver just needed to receive the goods at a low price, the downstream buying was not high, a small amount of just needed to purchase, and the overall transaction was quiet
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 49,086 tons on Tuesday, a daily decrease of 248 tons; On November 16, LME copper stocks were 163025 tons, down 2,175 tons per day, down 8 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 65927 lots, minus 8003 lots per day, short positions were 65094 lots, daily minus 8568 lots, net long positions were 833 lots, daily increase of 565 lots, long and short were reduced, net long and long increased
.
Market research and judgment: Shanghai copper 2012 high fell
on November 17.
Good news from the new crown vaccine, coupled with the dovish signal released by the Federal Reserve, the US index is under pressure; The supply of upstream copper mines remained tight, copper processing fees TC remained low, and smelter production costs continued to be high; The recent improvement in downstream demand in the copper market has driven the continuous dematerialization of inventories, and the current Shanghai copper inventory is close to the low level in June, and copper prices are strong
.
However, the global pandemic situation continues to deteriorate, and the economic outlook remains risky; At the same time, domestic smelting production continued to rise, forming a resistance
to copper prices.
Technically, the Shanghai copper 2012 contract contraction and position reduction high level pullback, pay attention to the 5-day moving average support, is expected to short-term high adjustment
.
