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On Tuesday, the main 2012 contract of Shanghai copper rose sharply, with the highest 51810 yuan / ton and the lowest 51150 yuan / ton during the day, and the closing price of 51800 yuan / ton, up 1.
43% from the closing price of the previous trading day; LME copper opened low and rebounded, as of 15:00 Beijing time, the three-month London copper was reported at $6812.
5 / ton, up 0.
58%
on a daily basis.
Market focus: (1) On Tuesday, local time, the US election will usher in voting day, and the voting results
are expected in the evening.
(2) Caixin's October China's manufacturing PMI data rose to 53.
6, the highest level
since February 2011.
(3) There is news that Chinese importers are preparing a new round of bans on Australian traded goods, and are expected to implement a ban
on copper ore and copper concentrate this week.
Spot analysis: On November 3, spot 1# electrolytic copper was quoted at 51600-51850 yuan / ton, with an average price of 51725 yuan / ton, a daily increase of 625 yuan / ton
.
Yangtze River Nonferrous Metal reported that holders are still holding prices, traders are cautious, downstream consumption is weak, and transactions are average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 56,621 tons on Tuesday, a daily decrease of 551 tons, a decline of 5 consecutive days; On November 2, LME copper stocks were 169,600 tons, down 1,700 tons per day, and fell for 11 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 81438 lots, minus 283 lots per day, short positions were 66578 lots, minus 2080 lots per day, net long positions were 14860 lots, daily increase of 1797 lots, long and short were reduced, net long increased
.
Market research and judgment: Shanghai copper 2012 rose
sharply on November 3.
China's Caixin manufacturing PMI data for October performed strongly, boosting market confidence, while the US dollar index was weak on the upside amid continued easing by the Federal Reserve; Upstream copper processing fees TC fell back to low levels again, and news that China will stop importing copper ore from Australia, copper mine supply tight concerns have revived, coupled with the recent rise in market purchasing sentiment, inventories in both markets have declined, which has strengthened copper price support
.
However, domestic smelters have a high willingness to impulse at the end of the year, actively stocking copper mines, and it is expected that refined copper production will gradually increase, limiting the upward momentum
of copper prices.
Technically, the Shanghai copper 2012 contract contraction and position reduction are higher, and the mainstream short position reduction is even greater, and it is expected to continue to rise in the short term
.
