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On Wednesday, the main 2011 contract of Shanghai copper rose slightly, with the highest 51560 yuan / ton and the lowest 51140 yuan / ton during the day, and the closing price of 51540 yuan / ton, up 0.
35% from the closing price of the previous trading day; Externally, LME copper rose in shock, and as of 15:00 Beijing time, the three-month London copper was reported at $6747.
5 / ton, up 0.
92%
on a daily basis.
Market focus: (1) The draft communiqué of the EU summit revealed that European leaders will confirm that the negotiations between the UK and the EU on Brexit have not progressed
.
(2) According to customs statistics, in the first three quarters, the total import and export value of China's trade in goods was 23.
12 trillion yuan, a year-on-year increase of 0.
7%; Among them, exports were 12.
71 trillion yuan, an increase of 1.
8%; Imports were 10.
41 trillion yuan, down 0.
6%.
(3) The director of Chile's Escondida copper mine extended negotiations for another day until Wednesday
.
Spot analysis: On October 14, spot 1# electrolytic copper was quoted at 51430-51510 yuan / ton, with an average price of 51470 yuan / ton, down 70 yuan / ton
per day.
Changjiang Nonferrous Metal reported that cargo holders generally raised prices, traders actively shipped, downstream purchases on demand, and trading improved compared with the previous day
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 59,654 tons on Wednesday, a daily decrease of 878 tons; On October 13, LME copper stocks stood at 153,200 tonnes, up 225 tonnes
per day.
Main positions: Shanghai copper main 2011 contract top 20 long positions 83921 lots, daily minus 564 lots, short positions 70072 lots, daily increase of 1995 lots, net long positions 13849 lots, daily decrease of 2559 lots, more reduction short increase, net more decrease
.
Market research and judgment: Shanghai copper 2011 rose
slightly on October 14.
The IMF warned that despite a significant recovery this year, financial markets will still see a sharp correction, and the US index will rebound
from its lows.
Upstream Chile's Candelaria copper mine held a strike, while the Escondida copper miners will also be at risk of strike, and supply-side disruptions have increased, supporting copper prices
.
However, the epidemic in Europe has rebounded, and the economic outlook is still under great pressure; In addition, the domestic gold nine peak season has failed, and the silver ten has not yet appeared, limiting the space
above copper prices.
Technically, the Shanghai copper 2011 contract increased its position to close the shadow, and the mainstream position was reduced and increased, and it is expected that the short-term shock adjustment
.
In terms of operation, it is recommended to operate lightly in the range of 51100-51600 yuan / ton, and the stop loss is 200 yuan / ton
each.
