Market worries increased, and the main force of Shanghai copper rushed back down

Market focus: (1) The preliminary value of the University of Michigan consumer confidence index rose to a six-month high in September, but it has been below 80
for six consecutive months.
(2) As of September 18, the stock of copper concentrate in domestic ports was 623,000 tons, an increase of 46,000 tons
per week.

Spot analysis: On September 21, spot 1# electrolytic copper was quoted at 52420-52520 yuan / ton, with an average price of 52470 yuan / ton, a daily increase of 270 yuan / ton
.
Yangtze River Nonferrous Metal reported that traders mainly inquired about prices, and downstream cautiously waited and watched, and trading was slightly deadlocked
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 72,520 tons, a daily decrease of 1,853 tons; On 18 September, LME copper stocks stood at 78,900 tonnes, up 150 tonnes
per day.
As of the week ended September 18, the previous Shanghai copper inventory was reported 193347 tons, an increase of 16,552 tons
.

Main positions: the top 20 long positions of Shanghai copper main 2011 contract were 67944 lots, a daily increase of 1314 lots, short positions were 60823 lots, a daily increase of 913 lots, a net long position of 7121 lots, a daily increase of 401 lots, both long and short increases, and net long increases
.

Market research and judgment: Shanghai copper 2011 rushed back down
on September 21.
The second outbreak of the global new crown epidemic has once again shocked the economic recovery, while the data shows that the economic recovery in the United States is slowing, increasing market worries; Upstream copper supply is gradually recovering, and China's smelting production is gradually increasing, but copper processing fees TC are still at a low level, making smelting costs still high
.
The trend of dematerialization of copper stocks has shown signs of slowing down in the near future, coupled with the lack of improvement in domestic market demand, the operating rate of copper enterprises has continued to decline month-on-month, the phenomenon of peak season is obvious, and Shanghai copper inventories have maintained a cumulative trend, which still limits the upward momentum
of copper prices.
Technically, the mainstream long position of the Shanghai copper 2011 contract increased significantly, focusing on the pressure above the 53,000 position, and it is expected to be strong in the short term
.