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On Wednesday, the Shanghai copper 2212 contract ran strongly, with limited intraday gains, opening at 65020 yuan / ton, and closing at 64890 yuan / ton, up 270 yuan / ton, or 0.
42%.
Shanghai copper rose in the night trading following the London copper shock, with limited intraday gains, closing up 0.
42%.
The dollar fell at a high and the stock market rose, supporting a recovery in risk sentiment, and Shanghai copper stopped falling and rebounded, ending a seven-day streak.
Copper rose overnight, while Shanghai followed the rally, ending a seven-session decline, mainly supported by the decline in the US dollar
.
In terms of spot, on November 23, the trading price of CCMN Yangtze River spot 1# copper was 65450-65490 yuan / ton, with an average price of 65470 yuan, up 180 yuan / ton; The premium was reported at 510-550 yuan / ton, with an average price of 530 yuan, down 10 yuan / ton
.
In the spot market, traders trade more long orders, the downstream is still bearish in the future, traders are weak in buying, and the transaction performance is not good
.
Recently, domestic favorable policies have continued to be released, and real estate, second-hand cars, new energy vehicles, etc.
have been boosted by favorable policies, prompting the return
of market confidence.
At present, the market is paying attention to the Fed meeting minutes, the market expects that the meeting minutes are more likely to be hawkish, and the Fed has previously raised interest rates for the fourth 75 basis points, which has put pressure on copper prices in the short term, so the momentum of the increase has weakened
.
In terms of fundamentals, supply pressure is slowly increasing, upstream copper mine supply is abundant, concentrate processing fees are rising, easing the impact of tight crude copper supply, and high smelting profits promote the enthusiasm for resuming production, and electrolytic copper production is expected
to increase in November.
On the demand side, copper prices rose to 69,000 in November, forcing the downstream to be daunted, the willingness to replenish declined, and the recent spread of the epidemic and entering the traditional off-season, consumption appears to be weaker, terminal enterprises may be more cautious, and some processing enterprises have weakened
month-on-month.
In terms of inventory, domestic inventory warehouse receipts have a downward trend, but London copper is still rising, but to a limited
extent.
Overall, the macro environment is slightly neutral and still uncertain, high copper prices continue to suppress downstream consumption performance, but copper prices after many consecutive days of decline, there is still support below, the increase is still large, short-term need to be cautious copper prices
.
