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On Wednesday, Shanghai copper ran strongly, the intraday trend stabilized, the main monthly 2209 contract opened at 63400 yuan / ton, the daily close at 63420 yuan / ton, up 600 yuan / ton, up 0.
96%, weak economic data in Europe and the United States, bearish market sentiment, but the U.
S.
index suspended the rally, positive and colored, coupled with the recent slowdown in supply pressure, and low inventory high premium support, the center of gravity moved slightly up during the day
.
In terms of spot, on August 24, the trading price of Yangtze River spot 1# copper was 63810-63850 yuan / ton, up 250 yuan / ton; Premiums 670-liters 710, down 30 yuan / ton
.
In the spot market, the supply of circulating goods is tight and continues, the high premium remains down, the downstream stops and waits are the mainstay, and the transaction performance is still deadlocked
.
In terms of inventories, as of August 24, copper stocks on the London Metal Exchange (LME) increased by 900 tons, or 0.
74%, to 123275 tons; As of August 24, the previous copper futures warehouse receipt was 3,179 tons, down 276 tons
from the previous day.
On the supply side, the scope of power rationing continues to expand, among which Anhui Tongling copper enterprises indirectly stop production due to power shortages, and their output is damaged; The Chifeng smelter gradually recovered after maintenance, but the output was still low; Guangxi copper smelting enterprises maintenance continued, weekly output affected 02,600 tons, Hubei Daye due to tight power supply copper smelting enterprises intermittent production restrictions, output fell this week by 04,500 tons
.
Overall, the current pressure on copper production supply is expected
to weaken due to the impact of power cuts.
On the demand side, the domestic power crisis is severe, and the demand side is also affected, although the LPR is lowered to support the troubled real estate market, but the weak demand side is hardly optimistic
.
At the same time, due to the tight supply of goods, the price support of cargo holders is strong, which intensifies the wait-and-see attitude of downstream enterprises, so on the whole, the enthusiasm of downstream enterprises is relatively limited
.
Comprehensive analysis, the macro atmosphere is not optimistic overall, and the world's major economies released bleak data, which is bearish market sentiment
.
However, some investors remain positive, as signs of improvement in Chinese demand and lower LPR revisions boost confidence
.
Coupled with the current domestic power shortage brought about supply production reduction expectations, as well as the relatively tight supply of goods in a short period of time and the strong support of low inventory and high premium, Shanghai copper is strongly volatile, and will not change the pattern of high volatility in the short term
.
