Shanghai copper main force low open and rebound, expected short-term shock adjustment

Market focus: (1) U.
S.
House Speaker Pelosi said she hoped to reach a new crown epidemic assistance agreement with the White House, and she had previously met with Treasury Secretary Mnuchin for about 50 minutes and did not follow up consultations to plan
.
(2) The Lundin Mining Governance Candelaria Copper Miners' Association rejected final salary offers in regular negotiations, and to avoid further escalation into strikes, the company has applied for a 5-day government regulation
.

Spot analysis: On September 30, spot 1# electrolytic copper was quoted at 51150-51320 yuan / ton, with an average price of 51235 yuan / ton, a daily increase of 115 yuan / ton
.
Yangtze River Nonferrous Metal reported that the cargo holders shipped less, the willingness to buy was not high, the downstream stocking was completed, and the transaction was slightly deserted
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 56,158 tons on Wednesday, a daily increase of 3,298 tons; On 29 September, LME copper stocks stood at 136325 tonnes, up 33,200 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2011 contract were 80229 lots, minus 1576 lots per day, short positions were 67533 lots, 595 lots per day, net long positions were 12696 lots, daily minus 981 lots, long and short were reduced, and net long decreased
.

On September 30, Shanghai copper 2011 opened low and rebounded
.
In the United States, consumer confidence rebounded in September, market risk sentiment picked up, and the dollar index fell
under pressure.
The upstream copper mine supply is gradually recovering, the CSPT team finalized the fourth quarter copper ore processing fee TC increased by 5 US dollars / ton, China's smelting production is also gradually increasing, but the copper processing fee TC is still at a low level, and the supply of scrap copper is tight, so that the smelting cost is still high
.
Due to the rebound of the overseas epidemic, weakening demand, coupled with the expansion of China's import losses, some sources of goods have flowed overseas, resulting in a sharp recovery in copper inventories, and the upward movement of copper prices is weak
.
Technically, the Shanghai copper 2011 contract position reduction trading is cautious, focusing on the resistance at the 51400 position, and it is expected that the short-term shock adjustment
.
The range is 50500-51400 yuan / ton
.