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On Monday, Shanghai copper ran weakly, the main monthly 2301 contract opened at 66590 yuan / ton, the highest intraday 66730 yuan / ton, the lowest 65890 yuan / ton, settled 65800 yuan / ton, closed 66030 yuan / ton, down 770 yuan, down 1.
15%.
During the Asian session, London copper was weak and volatile, and the latest quotation at 15:01 Beijing time was 8435 US dollars / ton, down 50 US dollars, or 0.
59%.
In the market, domestic spot copper prices fell, Yangtze River spot 1# copper reported 66340 yuan / ton, down 670 yuan, liter 160-liter 200; The Yangtze River Comprehensive 1# copper price was reported at 66350 yuan / ton, down 670 yuan, and the premium was 130-250; Guangdong spot 1# copper price reported 66360 yuan / ton, down 670 yuan, premium 100-liter 300; Shanghai spot 1# copper price was 66220 yuan / ton, down 700 yuan
.
In the spot market, the holder first pushed up and then adjusted the price to ship, and the receiver entered the market to purchase according to the order, the enthusiasm for procurement improved slightly, and the overall transaction was average
.
The US dollar index rebounded and suppressed, non-ferrous metals collectively weakened, superimposed on the obvious increase in Shanghai copper inventories, low inventories supported the weakening of prices, and the fear of high prices under the high price of spot heights was prominent, and the center of gravity of Shanghai copper prices shifted downward during the day
.
Fundamentally, copper concentrate supply is loose, mineral copper smelting profits continue to rise, despite the output of new expansion projects, but the tight supply of crude copper has significantly affected the output of maintenance enterprises, it is expected that the output of electrolytic copper in December is only 888,000 tons, less than expected; as the weather turns cold, the outdoor construction progress is blocked, and near the end of the year, some enterprises have the need to tighten cash flow, coupled with weakening overseas demand, domestic copper consumption has downward pressure
.
Last week, domestic electrolytic copper social stocks fell by 2,600 tons, and bonded zone stocks increased by 4,200 tons
.
Domestic epidemic control is loosened more than expected, pay attention to the Fed's new round of interest rate meeting, after the macro impact subsides, the market may shift its focus to fundamental expectations, but the current signs of weakening fundamentals are not strong, it is recommended to maintain a wait-and-see
.
