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On Thursday, the main 2112 contract of Shanghai copper fluctuated and rose, with the highest 70,720 yuan / ton and the lowest 69,580 yuan / ton during the day, and the closing price was 70,420 yuan / ton, up 0.
13% 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 $9578 / ton, up 1.
03%
on a daily basis.
Market focus: (1) The US consumer price index (CPI) rose 0.
9% month-on-month in October, higher than market expectations; The year-on-year increase was 6.
2%, the largest year-on-year increase since November 1990
.
(2) U.
S.
jobless claims fell to a new low of 267,000 in the week of November 6, compared with 269,000 in the previous month and 260,000
expected.
Spot analysis: SMM spot 1# electrolytic copper quotation 70620-70900 yuan / ton, the average price is 70760 yuan / ton, up 160 yuan / ton
daily.
The holder adjusts the price and shipments, the receiver is slightly cautious in bullishness, just needs to buy, the trading atmosphere is general, and the overall trading volume is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts within the day was 12,435 tons, with a daily increase of 1,150 tons; LME copper stocks were 104175 tons, down 1,950 tons per day, down for six consecutive days
.
Main position: Shanghai copper main 2112 contract top 20 long positions 86803, +518, short positions 106862, -354, net positions -20059, +872, long increase and decrease, net space reduction
.
Market research and judgment: the US inflation data is strong, increasing the market's willingness to hedge inflation, but the possibility of the Fed raising interest rates in advance has increased, and the US dollar index has strengthened; The domestic coal supply and demand situation has improved, coal prices have weakened, and market sentiment has been poor
.
Fundamentals, the growth of upstream copper processing fees has slowed down, the recent copper mine end disturbance news is frequent, coupled with the sharp decline in sulfuric acid prices, the pressure on refinery production has increased, and the refined copper production in the future market is expected to remain limited
.
However, the current downstream demand is weak, and domestic inventories have rebounded recently; However, foreign countries still maintain a more obvious destocking, overseas supply is tight, LME copper spot premium remains high, which supports copper prices
.
Technically, the Shanghai Copper 2112 contract is bullish on the shadow and white line
.
