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Yesterday's Shanghai copper rose sharply in early trading to around 58,000 yuan, continued to reduce positions in the afternoon, and fell back to 56,700 yuan in the night trading time, and the intraday shock was amplified
.
Base metals generally rose, but fell back in overnight trading, with London copper jumping up $7,700 to close at $
7,560 in Asian time.
On the macro front, China announced that the official manufacturing PMI in November was 52.
1, up 0.
7 percentage points from the previous month, and the production index, new orders index and export and import indexes all rose sharply to a new high for the year, reflecting the continuous promotion of the economy, the recovery momentum was further strengthened, and the PMI index of the service industry was 55.
7, up 0.
2 percentage points from the previous month.
On the news, Biden nominated Yellen as Treasury secretary, the US Treasury and the Fed extended the income subsidy program for three months, and the IMF urged the European Central Bank to expand QE or cut interest rates to support the economy
.
The IMF forecasts that China's GDP growth will reach 8.
2%
in 2021.
Crude oil fell slightly, and OPEC+ was divided on whether to maintain production cuts after January, which may suggest that crude oil prices have reached the psychological target area of some oil producers, and the willingness to continue to maintain production cuts has declined, focusing on high pressure on oil prices
.
In terms of spot, spot has maintained a high premium last week, and exchange inventories have fallen below
100,000 tons.
And last week scrap copper is very tight, low oxygen rod factory orders are better, copper rod factory has to increase the price of purchase, low oxygen rod price has been closely following the price of electric copper, indicating that terminal consumption is still maintaining a relatively strong situation
.
At present, the production of automobiles, air conditioners, mechanical and electrical products, and export products is full, the order schedule is very far away, and the consumption is not light in the off-season
.
In terms of imports, the import of recycled copper under the new tariff has not yet arrived, it is understood that the customs inspection is strict, the customs clearance is very slow, and the arrival under the approval is tight, the extreme tension of scrap copper will also form a strong support for copper prices, it is estimated that the tension of scrap copper after the import of recycled copper customs declaration will be slightly eased
.
However, the recent overseas refined waste price spread has narrowed to 18 cents / pound, which may indicate that overseas copper recycling processing and logistics and transportation may also be disrupted
under the strict epidemic situation.
The domestic copper scrap shortage is likely to remain constant
for a longer period of time.
Driven by optimism, copper prices reached a seven-year high, copper market itself, inventory due to the opening of the import window, the inflow and digestion of imported copper is worth paying attention to, which may make the domestic premium to discount, copper prices short-term rise may slow down, so there may be a wave of correction in December, the current price cautiously chasing higher
.
