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On Thursday, Shanghai copper rushed back down, the intraday trend was volatile, the main month 2210 contract opened at 62280 yuan / ton, and the daily close was 62220 yuan / ton, down 270 yuan / ton, down 0.
43%.
Market sentiment improved, non-ferrous metals generally rebounded, coupled with high premium and low inventory support, Shanghai copper's intraday decline slowed down
.
In terms of spot, on September 15, the trading price of Yangtze River spot 1# copper was 63450-63490 yuan / ton, up 140 yuan / ton; Liter 900-liter 940, up 740 yuan / ton
.
In the spot market, the premium jumped to a high level, the downstream procurement was weak, the willingness to take goods was low, and the purchase was low and not chased high
.
In terms of inventories, as of September 15, London Metal Exchange (LME) copper stocks increased by 200 tons, or 0.
19%, to 103225 tons; As of September 15, the previous copper futures warehouse receipt was 5,121 tons, an increase of 1,897 tons
from the previous day.
On the supply side, supply began to repair in September after the end of power and production restrictions, and major smelters are also operating
steadily.
Coupled with the recent inflow of imported copper, domestic spot tensions have eased, but there are still disturbances on the supply side, and typhoons have once again landed in Jiangsu, Zhejiang and Shanghai, hindering
refined copper imports.
In addition, due to the epidemic, crude copper shortage and other issues, the production of some smelters is not smooth, and the Hubei smelter has been delayed in production, which has aggravated the market's concerns
about supply.
On the demand side, domestic policy support is increasing, steady growth is still the main theme, and the market is expected to be high in the peak season of gold, silver and ten, while downstream demand is also in the process of improvement, and the real estate sector shows signs of improvement, which helps boost market sentiment
.
It is reported that China Evergrande Group announced that it will restart frozen construction projects
.
The real estate industry is the main industry
for metal consumption.
Shanghai copper opened low and went high during the day, fell slightly at the end of the day, closed down 270 yuan, down 0.
43%, pessimism did not continue to ferment, and the market is expected to basically digest the Fed's 75 basis point interest rate hike, non-ferrous metals are generally slowed down by the decline, coupled with frequent accidents on the supply side and the arrival of the gold nine silver ten peak season, the market's expectations for a squeeze are very strong, and the probability of copper falling deeply is not large
.
