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On Wednesday, the main 2112 contract of Shanghai copper rebounded sharply, with the highest 71470 yuan / ton and the lowest 69750 yuan / ton during the day, and the closing price of 71350 yuan / ton, up 2.
43% from the closing price of the previous trading day; LME copper rebounded at a low level, as of 15:00 Beijing time, 3-month London copper reported 9652 yuan / ton, up 1.
52%
per day.
Market focus: (1) The Fed will announce its monetary policy decision
on Wednesday.
(2) It is reported that the National Development and Reform Commission said that the coal supply and price stabilization has achieved phased results, and reminded power plants not to expect a sharp drop
in prices.
(3) Peru's Ministry of Energy and Minerals said a rural community in Peru will lift its lockdown
on Antamina on Wednesday.
(4) On November 2, the LME copper spot premium was 275 US dollars / ton, maintaining a high level
.
Spot analysis: SMM spot 1# electrolytic copper quotation 70680-71080 yuan / ton, the average price of 70880 yuan / ton, down 345 yuan / ton
.
Holders continued to adjust prices and shipments, downstream purchasing sentiment continued to decline, trading was more general, and the overall transaction was quiet
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 10,382 tons, a daily decrease of 1,477 tons; LME copper stocks were 126475 tonnes, up 2,550 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2112 contract 93565, +4821, short positions 109496, +4064, net positions -15931, +757, long and short increased, net space decreased
.
Market research and judgment: the Fed may continue to adhere to the inflation transitory theory, coupled with the possibility of the RBA raising interest rates in advance, the US dollar index is under pressure; Domestic supply and price stabilization have achieved phased results, and market sentiment has improved
.
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.
At present, downstream demand is weak, but the inflow of imported copper has decreased, and the growth of domestic inventories has slowed down; While foreign countries still maintain destocking, LME copper spot premium remains high, and copper prices are expected to run
strongly.
Technically, the Shanghai copper 2112 contract closed the shadow Yang line with strong upward force, and the bullish atmosphere heated up
.
