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On Tuesday, the main 2112 contract of Shanghai copper fluctuated, with the highest 72,500 yuan / ton and the lowest 71,580 yuan / ton during the day, and the closing price was 72,000 yuan / ton, down 0.
15% from the closing price of the previous trading day; LME copper volatility is weak, as of 15:00 Beijing time, 3-month London copper reported 9825.
5 US dollars / ton, down 0.
18%
on the day.
Market focus: (1) Former Federal Reserve Chairman Alan Greenspan said he sees a persistent threat
of a significant rise in inflation.
(2) According to Mysteel data, China's electrolytic copper inventory on October 25 was 90,300 tons, an increase of 04,700 tons from the 21st and a decrease of 09,400 tons
from the 18th.
Spot analysis: SMM spot 1# electrolytic copper quotation 72350-72850 yuan / ton, the average price is 72600 yuan / ton, down 50 yuan / ton
per day.
Yangtze River Nonferrous Metal Network reported that traders actively shipped for cash, actively lowered the water, downstream received goods generally, low mining sentiment is still there, the trading atmosphere is calm, and the overall trading volume is poor
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in the day was 11,535 tons, a daily decrease of 25 tons; LME copper stocks were 155,150 tons, down 4,650 tons per day, down for 19 consecutive days
.
Main position: the top 20 long positions of Shanghai copper main 2112 contract 97971, +219, short positions 113145, +2535, net positions -15174, -2316, long and short increased, net space increased
.
Market research and judgment: the US inflation is worried about high heating up, the market weighs the prospect of interest rate hikes in different currencies, believes that the United States will raise interest rates faster than other countries, and the US dollar index rebounds at a low level; At the same time, China's policy side curbed excessive speculative speculation, and market risk sentiment was suppressed
.
Fundamentals, upstream copper ore processing fees continue to rise, superimposed on the price of sulfuric acid is higher, domestic refiners are more willing to schedule production under high profits; However, domestic power cuts and tightening crude copper supply have limited refinery operating rates, resulting in a lack of growth
in refined copper production.
Downstream demand is still weak, wait-and-see sentiment is strong, and the recent slowdown in domestic inventory de-industrialization; Foreign countries still maintain destocking, and there is support
below copper prices.
