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On Monday, the main force of Shanghai copper opened high and low
.
At the end of the day, the main 2210 contract of Shanghai copper closed at 62280, up 270, or 0.
44%.
The current macro suppression has returned, CPI data shows that inflation has not cooled, the Fed's subsequent interest rate hike is expected to be difficult to weaken, and the dollar index is expected to remain strong
.
In terms of mine supply, according to Mysteel News, the copper concentrate spot market remained stable last week, the overall demand was still weak, and the trading was light
.
The cargo schedule in November and December began to gradually become active, and the mainstream transaction of clean mines was at the low level of $80
.
The supply side is gradually loosening, but there are some disruptions, the risk of a strike in Escondida in Chile remains, and the epidemic in some regions still disrupts
transportation.
Smelter feedstock stocks remain abundant
.
TC prices continued to move higher to $82.
5/mt
.
In terms of consumption, due to the influence of macro factors last week, copper prices fell to a certain extent, coupled with the continued high monthly difference, which made downstream companies wait and see sentiment, so the overall transaction was not very satisfactory
.
However, at present, the impact of the demand for the peak season of gold, silver and silver may gradually appear, and the relevant support policy attitude in the superimposed terminal is still relatively clear, so there is also an opportunity
for market consumption to gradually improve after that.
In terms of stocks, LME stocks rose 0.
31 million tonnes to 105,100 tonnes
yesterday.
SHFE stocks fell 0.
04 million tonnes to 09,100 tonnes
.
Overall, this week is facing the Fed's interest rate decision, so the macro uncertainty is relatively large
.
Fundamentally, the probability of supply and demand recovering together is relatively large, but because the current market is currently paying more attention to the situation on the demand side, the impact of consumption in the peak season of gold, silver and ten, and the recent performance of sectors such as power and automobiles is relatively beautiful, so the demand outlook may be more optimistic, so the operation is still mainly based on bargain hunting
.
At the same time, due to the continued strong trend of the US dollar, it may make the pressure on the external copper price more obvious
.
