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On Monday, the main 2012 contract of Shanghai copper rebounded, with a maximum of 51,300 yuan / ton, a minimum of 50,720 yuan / ton, and a closing price of 51,070 yuan / ton, up 0.
26% from the closing price of the previous trading day; In the external market, LME copper opened low and rebounded, as of 15:00 Beijing time, the three-month London copper was reported at 6716 US dollars / ton, up 0.
04%
on the day.
Market focus: (1) The global epidemic rebounded violently, and after Germany and France announced the lockdown, the United Kingdom, Austria, and Portugal followed suit
.
(2) Chile's September copper production fell 0.
8% year-on-year to 48.
5 tons
.
(3) As of October 30, the domestic copper ore processing fee TC was 47.
7 US dollars / dry ton, a weekly decrease of 1 US dollar / dry ton, reaching a new low
in nearly 8 years.
Spot analysis: On November 2, spot 1# electrolytic copper was quoted at 51050-51150 yuan / ton, with an average price of 51100 yuan / ton, down 430 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that some downstream bargain hunting, the overall market is cautious and wait-and-see, and the transaction is still at a relatively low level
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 57,172 tons on Monday, a daily decrease of 1,249 tons, a 4-day decline; On October 30, LME copper stocks were 171,300 tons, down 1,325 tons per day, down for 10 consecutive days
.
In the week ended October 30, the previous period of Shanghai copper stocks reported 139657 tons, down 15,849 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 81721 lots, a daily increase of 935 lots, short positions were 68658 lots, a daily decrease of 1667 lots, a net long position of 13063 lots, a daily increase of 2602 lots, more increase and short, a net increase
.
The surge in global coronavirus cases triggered safe-haven demand, and dovish signals from the central banks of Canada and Australia extended the dollar index to the upside; At the end of the year, the impulse willingness of domestic smelters is high, copper ore reserves are active, and it is expected that refined copper production will gradually increase, and copper prices will be weak.
However, the copper ore processing fee TC fell back to a low level again, and the cost of raw materials was higher; Coupled with the recent decline in copper prices, the rise in market procurement sentiment, and the fact that domestic grid investment still has room for growth in the fourth quarter, demand is expected to pick up, which supports copper prices
.
Technically, the Shanghai copper 2012 contract position contraction closed the doji, the mainstream position increased and decreased, and it is expected to stabilize and recover
in the short term.
In terms of operation, it is recommended to operate in the range of 50800-51500 yuan / ton, and the stop loss is 200 yuan / ton
each.
