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On Thursday, the main 2201 contract of Shanghai copper opened high and fluctuated, with the highest 72260 yuan / ton in the day, the lowest 71580 yuan / ton, and the closing price of 71970 yuan / ton, up 1.
05% from the previous trading day's closing price; LME copper fluctuated higher, as of 15:00 Beijing time, 3-month London copper was reported at $9904 / ton, up 0.
60%
per day.
Market focus: (1) Fed meeting minutes: Fed staff revised up their expectations
for US inflation.
Many officials see evidence that inflation is stubbornly high
.
(2) The final value of the University of Michigan consumer confidence index fell to 67.
4 in November, the lowest since 2011, and the American people were worried about inflation, and the final value in October was 71.
7
.
(3) The Indonesian president said that Indonesia may stop copper exports
in 2023.
Spot analysis: SMM spot 1# electrolytic copper quotation 72230-72570 yuan / ton, the average price is 72400 yuan / ton, a daily increase of 560 yuan / ton
.
The premium was suppressed again, the holder lowered the premium quotation and shipment, the downstream stopped, the receiver purchased at the low, and the overall transaction was light
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 12,112 tons, a daily decrease of 101 tons, and a decrease of 7 consecutive days; LME copper stocks stood at 82,600 tonnes, up 375 tonnes
per day.
Main position: Shanghai copper main 2201 contract top 20 long positions 112139, +3078, short positions 126323, +7050, net positions -14184, -3972, long and short increased, net space increased
.
Market research: The Fed minutes revised up the expectations for US inflation, and the market demand for hedging inflation rose, but the possibility of the Fed raising interest rates in advance increased, and the dollar index trended
upward.
Fundamentally, the growth of upstream copper processing fees has slowed down, and the tight supply of cold materials still exists, coupled with the sharp decline in sulfuric acid prices, the pressure on refinery production has increased
.
Indonesia plans to stop copper exports in 2023, but the trend of self-production and self-sale itself has become limited
.
Recently, domestic copper inventories have continued to decline, but the current demand is still weak, copper prices continue to rise, and downstream fear of heights may gradually increase
.
Copper prices are expected to fluctuate strongly
amid the downward trend in overseas inventories and tighter supply concerns.
