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On Wednesday, the main 2110 contract of Shanghai copper stopped falling and rebounded, with the highest 69610 yuan / ton and the lowest 68270 yuan / ton during the day, and the closing price was 69300 yuan / ton, up 0.
90% from the closing price of the previous trading day; LME copper rebounded at a low level, and as of 15:00 Beijing time, the three-month London copper was reported at $9,367 / ton, up 1.
05%
per day.
Market focus: (1) The European Central Bank is scheduled to hold an interest rate meeting on September 9, and the market expects the central bank to maintain its current policy unchanged and will not announce adjustments to economic support measures
.
(2) The Federal Reserve reported on Wednesday that the U.
S.
economy "slowed slightly" in August, with another surge in coronavirus cases hitting restaurants, travel and tourism
.
Spot analysis: SMM spot 1# electrolytic copper quotation 68630-68890 yuan / ton, the average price is 68760 yuan / ton, down 5103 yuan / ton
daily.
Holders actively reduced the shipment for cash, the willingness of the receiving party to purchase only maintained rigid demand, the trading atmosphere was acceptable, and the overall transaction volume was good
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 233,950 tons, a daily decrease of 3,750 tons, and a drop of 9 consecutive days; LME copper stocks were 22,380 tons, down 400 tons per day, down for 9 consecutive days
.
Main position: the top 20 long positions of Shanghai copper main 2110 contract 75043, +1956, short positions 82392, +3255, net positions -7349, -1299, long and short increased, net short increased
.
Market research and judgment: the rise in the yield of US 10-year Treasury bonds, as well as the spread of the global epidemic may drag down the economic recovery, suppress market risk sentiment, and the US dollar index rises; In addition, the ECB meeting is approaching, focusing on policy path guidance
.
Fundamentally, upstream copper ore imports remained high, domestic copper concentrate spot processing fees continued to rise, and raw material tension continued to ease
.
At the same time, domestic copper imports in August continued to decline month-on-month, indicating poor demand performance
.
However, the impact of domestic smelting maintenance and production reduction still exists, and the growth of refined copper production is slow; And in late August, purchasing intentions improved, domestic inventories continued to decline, and copper prices remained supportive
.
