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On Wednesday, the main 2112 contract of Shanghai copper rebounded, with the highest 70960 yuan / ton and the lowest 69720 yuan / ton within the day, and the closing price of 70330 yuan / ton, down 0.
31% from the closing price of the previous trading day; LME copper fell slightly, as of 15:00 Beijing time, 3-month London copper was reported at $9589 / ton, up 0.
22%
on the day.
Market focus: (1) The US PPI increased by 0.
6% month-on-month in October, accelerating from the 0.
5% growth rate in the previous month; It rose 8.
6% year-on-year, unchanged
from last month's historical peak.
(2) St.
Louis Fed President Bullard: The Fed is not currently considering raising interest rates, but is focusing on Taper
.
It was reiterated that there will be two rate
hikes next year.
(3) On November 9, Peruvian protesters again blocked an important mining corridor used by the Las Bambas copper mine, saying the blockade would last 48 hours
.
Spot analysis: SMM spot 1# electrolytic copper quotation 70480-70720 yuan / ton, the average price is 70600 yuan / ton, down 585 yuan / ton
daily.
The cargo holder actively ships the goods, the receiving party prepares the goods on demand, the trading atmosphere is cold, and the overall transaction activity is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in the day was 11,285 tons, with a daily increase of 1,000 tons; LME copper stocks were 106125 tons, down 3,425 tons per day, down for five consecutive days
.
Main positions: Shanghai copper main 2112 contract top 20 long positions 86285, -1297, short positions 107216, +513, net positions -20931, -1810, long short increase, net short increase
.
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 falls; The domestic coal supply and demand situation has improved, coal prices have weakened, and market sentiment has been poor
.
Fundamentals, the growth of upstream copper processing fees has slowed down, the recent copper mine end disturbance news is frequent, coupled with the sharp decline in sulfuric acid prices, the pressure on refinery production has increased, and the refined copper production in the future market 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
.
