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On Monday, the main 2112 contract of Shanghai copper fluctuated at a low level, with the highest 70770 yuan / ton and the lowest 69720 yuan / ton within the day, and the closing price was 70140 yuan / ton, down 0.
57% from the previous trading day's closing price; LME copper weak operation, as of 15:00 Beijing time, 3-month London copper reported 9517.
5 yuan / ton, down 0.
28%
on a daily basis.
Market focus: (1) Powell pointed out that I do think it's time to scale back bond purchases; But it's too early to talk about raising interest rates, and the U.
S.
still has 5 million fewer jobs
than before the pandemic.
(2) China's official manufacturing PMI in October was 49.
2, which was in the contraction zone for two consecutive months
.
(3) On October 31, the Antamina copper-zinc mine in Peru said it had suspended operations due to barricades erected by demonstrators who said the mine had not fulfilled its commitment
to support local communities.
(4) Chile's copper production in September was 451128 tons, down 3.
4% from August and the lowest since
February.
Spot analysis: SMM spot 1# electrolytic copper quotation 70840-71400 yuan / ton, the average price is 71120 yuan / ton, down 455 yuan / ton
daily.
Merchants' willingness to adjust prices is not high, downstream fear of heights continues, trading is deadlocked, and the overall transaction performance is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 12,359 tons, an increase of 474 tons per day; On the 29th, LME copper stocks were 140175 tons, down 3,475 tons per day, down 23 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2112 contract 89962, -956, short positions 106568, +851, net positions -16606, -1807, long short increase, net short increase
.
Fed Chairman Jerome Powell reiterated the decision to taper QE, and the dollar index strengthened; China's policy to curb coal prices has become stricter, coal prices have continued to be weak, and market risk sentiment has been subdued
.
Fundamentals, due to the high price of sulfuric acid, domestic refineries are more willing to schedule production under high profits; However, domestic power cuts and tightening crude copper supply have limited refinery operating rates, resulting in a lack of growth in refined copper production; In addition, the transport of Antamina in Peru was disrupted and continued to ferment.
At present, downstream demand is still weak, wait-and-see sentiment is strong, and domestic inventories have rebounded recently; While foreign countries still maintain destocking, copper prices are expected to adjust
at a low level.
