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On Tuesday, the main 2109 contract of Shanghai copper ran weakly, with the highest 70,050 yuan / ton and the lowest 69,500 yuan / ton during the day, and the closing price was 69,710 yuan / ton, down 0.
77%
from the previous trading day's closing price.
LME copper fluctuated operation, as of 15:00 Beijing time, 3-month London copper was reported at 9435 US dollars / ton, down 0.
03%
on the day.
Market Focus: (1) Suplant, the third union at Codelco's Andina mine, decided to reject Codelco's final salary proposal and suggested that the strike would take effect from 8 a.
m.
on Tuesday, and Codelco plans to make a new proposal around 8:30 p.
m.
Chilean time on Monday, and if Suplant does finalize its rejection of the company's proposal, about 1,300 workers from Codelco's Andina division
。
Spot analysis: SMM spot 1# electrolytic copper quotation 69920-70120 yuan / ton, the average price is 70020 yuan / ton, down 320 yuan / ton
daily.
Holders actively ship, receivers replenish stocks at low prices, demand for low-priced sources is better, and the overall transaction volume is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 38,501 tons, with a daily increase of 2,449 tons; LME copper stocks were 236325 tonnes, up 775 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2109 contract 70781, -2297, short positions 78544, -4736, net short positions 7763, -2633, long and short and net short are reduced
.
Market Judgment: The market is currently waiting for the latest minutes of the Fed's meeting on Wednesday, especially its view
on tapering bond purchases.
Suplant, the third union at Codelco's Andina copper mine overseas, rejected the wage offer, escalating
the risk of strike.
The supply of goods in the domestic market is tight, supporting the rise of
premiums.
Downstream consumption is not light in the off-season, and demand is resilient
.
However, the recent weaker-than-expected Chinese economic data and the country's renewed emphasis on supply and price stabilization, political tensions in Afghanistan and the spread of the new crown Delta variant have weighed on risk appetite, coupled with the recent hawkish statements from Fed officials, which have weighed on copper prices
.
In the short term
, pay attention to the impact of macro sentiment on copper prices.
