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On Tuesday, the main 2112 contract of Shanghai copper rose in shock, with the highest 70880 yuan / ton in the day, the lowest 70030 yuan / ton, and the closing price of 70550 yuan / ton, up 0.
79% from the closing price of the previous trading day; LME copper fell slightly, as of 15:00 Beijing time, 3-month London copper was at $9608.
5 / ton, down 0.
55%
on the day.
Market focus: (1) According to the New York Fed's monthly consumer expectations survey, household expectations for inflation in the coming year climbed to 5.
7%
in October from 5.
3% in the previous month.
The highest
since the survey began in 2013.
(2) According to Mysteel data, on November 8, the spot inventory of electrolytic copper in the Chinese market was 86,400 tons, down 07,700 tons from the 1st and 00,700 tons
from the 4th.
The copper spot inventory in Shanghai and Guangdong Free Trade Zone accumulated 189,000 tons, down 07,000 tons from the 1st and 03,000 tons
from the 4th.
Spot analysis: SMM spot 1# electrolytic copper quotation 71070-71300 yuan / ton, the average price is 71185 yuan / ton, a daily increase of 285 yuan / ton
.
The quotation of the holder is relatively firm, the enthusiasm is not high, the receiver buys generally, the trading atmosphere is cold, and the overall transaction is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 10,285 tons, an increase of 600 tons per day; LME copper stocks were 109,550 tons, down 5,975 tons per day, down for four consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2112 contract 87582, +804, short positions 106703, +675, net positions -19121, +129, long and short increased, net space decreased
.
Market research and judgment: US inflation expectations are heating up, coupled with the Fed's adherence to the temporary view of inflation, the US dollar index is under pressure and pays attention to the release
of inflation data.
Fundamentally, the slowdown in the growth of upstream copper processing fees, coupled with the recent sharp decline in sulfuric acid prices, the pressure on refinery production has increased, and the future refined copper production is expected to remain limited
.
However, the current downstream demand is weak, but some refined copper has begun to be exported, and domestic spot and bonded zone inventories are low; At the same time, foreign countries still maintain destocking, overseas supply is tight, LME copper spot premium remains high, which supports copper prices
.
