Shanghai copper opens high and goes low, and the phenomenon of not being prosperous in the peak season is obvious

Market Focus: (1) Powell continued to express cautious optimism about the economy, but stressed that all available tools would be used if necessary, and believed that economic activity and the job market are recovering steadily, but further cuts to the impact
on the economy are needed.
(2) British Prime Minister Boris Johnson delivered a speech in parliament announcing a tighter restriction policy in response to the recent worsening of the new crown epidemic, which may last for six months
.

Spot analysis: On September 23, spot 1# electrolytic copper was quoted at 51530-51720 yuan / ton, with an average price of 51625 yuan / ton, down 245 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that traders actively adjusted prices and shipments, actively cleared inventory before the holiday, downstream consumer demand was limited, and the overall transaction was average
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,879 tons on Wednesday, a daily decrease of 3,607 tons; On September 22, LME copper stocks were 78,300 tonnes, down 125 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2011 contracts were 74472 lots, a daily increase of 7032 lots, short positions were 66957 lots, a daily increase of 4064 lots, a net long position of 7515 lots, a daily increase of 2968 lots, both long and short increases, and net long increased
.

Market research and judgment: Shanghai copper 2011 opened high and low on September 23
.
Powell and Mnuchin did not show more easing clues, and the UK's lockdown policy in response to the epidemic supported the US index higher
.
The upstream copper mine supply is gradually recovering, and China's smelting output is gradually increasing, but the copper processing fee TC is still at a low level, making the smelting cost still high
.
Recently, the inventories of the two markets have declined, coupled with the expansion of import losses, some sources of goods have flowed overseas, and the decline in Shanghai copper stocks has been even greater
.
However, the lack of improvement in domestic market demand, the operating rate of copper enterprises continued to decline month-on-month, and the phenomenon of peak season was obvious, which still limited the upward momentum
of copper prices.
Technically, the Shanghai copper 2011 contract increased its position to close the long lower shadow, and the mainstream bulls increased their positions more, and it is expected that the short-term low will recover
.