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On Wednesday, the main 2111 contract of Shanghai copper fell sharply, with the highest 75490 yuan / ton and the lowest 72480 yuan / ton within the day, and the closing price of 73380 yuan / ton, down 3.
21% from the closing price of the previous trading day; LME copper rebounded, as of 15:00 Beijing time, the three-month London copper was reported at $10,000.
5 / ton, down 1.
17%
on the day.
Market focus: (1) Fed Governor Waller said that he is inclined to the Fed's announcement in November to start reducing QE; If inflation remains high, it will support an early rate hike by the FOMC
.
(2) The National Development and Reform Commission shall study the intervention
of coal prices in accordance with the law.
Spot analysis: SMM spot 1# electrolytic copper quotation 73100-73820 yuan / ton, the average price is 73460 yuan / ton, down 2320 yuan / ton
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 11,908 tons, a daily decrease of 49 tons; LME copper stocks were 172025 tonnes, down 6,200 tonnes per day, down 16 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2111 contract 89285, -9059, short positions 84833, -12706, net positions +4452, +3647, long and short decrease, net long and long increased
.
Market research: US governor Waller said that if inflation remains high, I will support the FOMC to raise interest rates in advance, and the dollar index stops falling and recovers
.
In addition, the National Development and Reform Commission has studied the implementation of intervention measures on coal prices in accordance with the law to combat market risk sentiment
.
Fundamentals, upstream copper ore processing fees continue to rise, superimposed on the price of sulfuric acid is higher, domestic refiners are more willing to schedule production under high profits; However, domestic power cuts and tightening crude copper supply, and limited refinery operating rates, led to the production of refined copper basically flat
.
At the same time, domestic inventories remained low, foreign countries maintained destocking, and LME0-3 liters of water rose sharply, indicating tight spot supply and supporting
copper prices.
Technically, the Shanghai copper 2111 contract 1-hour MACD indicator green bar, focus on the 72000 level support
.
