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On Wednesday, the main 2110 contract of Shanghai copper was adjusted to the shock, with the highest 70230 yuan / ton and the lowest 69360 yuan / ton within the day, and the closing price of 69810 yuan / ton, down 0.
04% from the closing price of the previous trading day; LME copper rose in volatility, and as of 15:00 Beijing time, the three-month London copper was quoted at $9470 / ton, up 0.
40%
on a daily basis.
Market focus: (1) The annual rate of unseasonally adjusted CPI in the United States recorded 5.
3% in August, in line with market expectations; The August core CPI recorded a monthly rate of 0.
1%, the lowest since
February this year.
(2) Last week, a BHP Billiton mine was ordered to suspend groundwater pumping for three months, while Antofagasta warned that production this year will be lower than expected
due to water supply constraints.
Spot analysis: spot 1# electrolytic copper quotation 69560-70080 yuan / ton, the average price is 69820 yuan / ton, down 680 yuan / ton
daily.
The cargo holder adjusted the price and shipment, the demand of the receiver turned to wait and see, the trading activity was better, and the overall transaction performance was
acceptable.
Warehouse receipt inventory: today's Shanghai copper warehouse receipts totaled 23,107 tons, a daily increase of 577 tons; LME copper stocks were 234,000 tonnes, down 1,950 tonnes
per day.
Main positions: Shanghai copper main 2110 contract top 20 long positions 79701, +49, short positions 83576, -1914, net positions -3875, +1963, long increase and decrease, net space reduction
.
Market research: The US CPI data rose less than expected in August, but inflation has not slowed enough for the Fed to delay the reduction; In addition, the global epidemic continues to spread, and fears of a slowdown in economic growth have increased
.
Fundamentals, upstream copper ore imports remained high, domestic copper concentrate spot processing fees continued to rise, and raw material tension continued to ease; And the maintenance of domestic refineries is gradually overturned, and the output shows an increasing trend
.
However, the price spread of refined scrap is declining, and Malaysia may raise the import standard of scrap copper, or aggravate the tension of scrap copper, increasing the demand for refined copper substitution; Domestic inventories have continued to decline and have now fallen to a decade low, with support below copper prices
.
