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On Tuesday, the main 2112 contract of Shanghai copper fell under pressure, with the highest 71220 yuan / ton, the lowest 70210 yuan / ton, and the closing price of 70360 yuan / ton, down 0.
66% from the closing price of the previous trading day; LME copper pulled back slightly, as of 15:00 Beijing time, the three-month London copper was reported at $9619 / ton, down 0.
50%
on the day.
Market focus: (1) ECB President Christine Lagarde must adhere to policy to consolidate the economic recovery
.
The inflation spike currently being seen is "transitory"
in nature.
(2) On November 15, U.
S.
President Joe Biden signed a $550 billion bill that would inject $550 billion in new funding
into transportation, broadband, and utilities over the next five years.
(3) The NDRC said that the power plant stored 129 million tons of coal on November 14, and it is expected to exceed 140 million tons
by the end of the month.
(4) According to Mysteel data, the spot inventory of electrolytic copper in the Chinese market on the 15th was 97,700 tons, an increase of 11,300 tons from November 8 and 14,000 tons
from November 11.
Spot analysis: SMM spot 1# electrolytic copper quotation 71570-71970 yuan / ton, the average price is 71770 yuan / ton, a daily increase of 270 yuan / ton
.
Holders of goods are sluggish in quotations, receivers are afraid of heights and wait-and-see, the mood of taking goods is sluggish, the buying atmosphere continues to weaken, and the overall trading situation is flat
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 19,159 tons, an increase of 1,648 tons per day, an increase of 6 consecutive days; LME copper stocks were 93,925 tons, down 1,775 tons per day, down for nine consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2112 contract 79518, -7159, short positions 95101, -10163, net positions -15583, +3004, long and short reduction, net space reduction
.
Market research and judgment: US inflation pressure, increasing the possibility of the Fed raising interest rates in advance, superimposed on the dovish signal released by the European Central Bank, the US dollar index strengthened; Domestic coal supply and demand continued to improve, and coal prices weakened, dragging down non-ferrous metal prices
.
Fundamentally, the growth of upstream copper processing fees has slowed down, and the tight supply of cold materials still exists, coupled with the sharp decline in sulfuric acid prices, the pressure on refinery production has increased, and the output of refined copper in the future market is expected to remain limited
.
At present, the downstream demand is weak, the recent increase in imported copper inflows, and the recovery of domestic inventories; However, foreign countries still maintain a more obvious destocking, overseas supply is tight, but LME copper spot premium has been lowered, and copper prices are expected to fluctuate
.
