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LME copper fluctuated more on Thursday, and as of 15:00 Beijing time, the three-month London copper was reported at $5853.
5 / ton, up 0.
40%
on a daily basis.
The main 2001 contract of Shanghai copper rebounded, with the highest 47080 yuan / ton, the lowest 46850 yuan / ton, and the closing price of 47030 yuan / ton, unchanged from the closing price of the previous trading day; The trading volume was 118,700 lots, an increase of 1,658 lots per day, and the position was 202,000 lots, an increase of 7,566 lots
per day.
Market focus: According to media reports, the U.
S.
-China trade talks have hit obstacles
in the procurement of agricultural products.
Fed Chairman Jerome Powell said in a speech on Wednesday that the Fed is unlikely to adjust interest rates
anytime soon as the economy remains on its current trajectory.
From January to October, China's real estate development investment was 109603 billion yuan, a year-on-year increase of 10.
3%, down 0.
2 percentage points from January to September; from January to October, the sales area of commercial housing was 133251 million square meters, an increase of 0.
1% year-on-year, and the growth rate turned from negative to positive
for the first time this year.
Spot analysis: On November 14, spot 1# electrolytic copper was quoted at 47000-47050 yuan / ton, with an average price of 47025 yuan / ton, down 25 yuan / ton
per day.
Traders are active in inquiry, but under the premise of no further price reduction, the willingness to trade has declined, the willingness of holders to exchange high premiums for cash has been strengthened, some downstream bargain hunting continues to replenish, the downstream consumer enterprises of copper fall have slightly improved in the future, and value-preserving traders have strengthened their willingness to cash in the context of the high premium of the market pullback
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 67,619 tons on Thursday, an increase of 3,058 tons per day; On November 13, LME copper stocks were 224425 tons, down 4,925 tons per day, falling for 10 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 63310 lots, with a daily increase of 2229 lots, short positions were 74758 lots, a daily increase of 2770 lots, and a net short position of 11448 lots, a daily increase of 541 lots, long and short increased, and net space increased
.
On November 14, the main force of Shanghai copper in 2001 rebounded
.
The Federal Reserve hinted that easing policy is close to a halt, the US dollar is running strongly, the uncertainty of the Sino-US trade situation is rising, market optimism is weakening, and the pressure on copper prices is increasing when downstream demand is not performing well, and the recent global copper explicit inventory has shown a downward trend, inventory pressure has declined, and the decline in China's scrap copper imports has partially supported
copper prices.
In terms of spot, traders are active in inquiry, but under the premise of no further price reduction, the willingness to trade has declined, the willingness of holders to exchange high premiums for cash has been strengthened, some downstream bargain hunting continues to replenish, and downstream consumer enterprises have slightly improved
their dip in the futures copper decline.
Technically, the Shanghai copper main 2001 contract is longer and lower shadow, focusing on the pressure at the 47300 position, and it is expected that the short-term shock adjustment
.
