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On Wednesday, the main 2110 contract of Shanghai copper fell sharply, with the highest 70290 yuan / ton and the lowest 68860 yuan / ton within the day, and the closing price of 68900 yuan / ton, down 1.
71% from the closing price of the previous trading day; LME copper opened high and fell, as of 15:00 Beijing time, 3-month London copper was reported at 9385 US dollars / ton, down 1.
57%
on the day.
Market focus: (1) Caixin China's manufacturing PMI fell 1.
1 percentage points to 49.
2 in August, falling into contraction territory for the first time since May 2020
.
(2) Chile's copper production in July increased by 0.
5% year-on-year to 470262 tonnes according to data released by the Chilean National Institute of Statistics, maintaining a good performance
despite virus-related restrictions.
Spot analysis: SMM spot 1# electrolytic copper quotation 69800-70100 yuan / ton, the average price is 69950 yuan / ton, down 370 yuan / ton
daily.
Most of the holders have no willingness to adjust prices, the demand at the beginning of the month is weak, the receiver is cautious and wait-and-see, and the transaction performance is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 24,852 tons, a daily decrease of 126 tons; LME copper stocks were 252725 tonnes, down 275 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2110 contract 75864, -2412, short positions 83989, -480, net positions -8125, -1932, long and short are reduced, net space increases
.
Market research: China's Caixin manufacturing PMI fell into contraction territory in August, and the pressure on economic growth increased significantly, causing concerns about the demand outlook and frustrating risk sentiment, but the central bank's easing expectations increased
in the future.
Fundamentally, copper concentrate spot processing fees continued to rise, Chile's copper production in July was not greatly affected by the epidemic, raw material tension gradually eased, but the recent risk of strikes in South America continued, causing supply concerns
.
The impact of domestic smelting maintenance and production reduction still exists, and the impact of power rationing factors has led to slow growth in refined copper production; And downstream consumption performed better than expected, domestic inventories continued to fall, and there was support
below copper prices.
