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On Tuesday, the main 2011 contract of Shanghai copper opened high, with the highest 51600 yuan / ton, the lowest 51220 yuan / ton, and the closing price of 51380 yuan / ton, up 0.
41% from the previous trading day's closing price; LME copper opened low and went higher, as of 15:00 Beijing time, the three-month London copper was reported at $6781 / ton, up 0.
19%
per day.
Market focus: (1) U.
S
.
House Speaker Nancy Pelosi set Tuesday as the deadline for reaching an economic stimulus deal with the Trump administration before the election.
(2) China's thirteenth batch of approved imports of copper scrap totaled 5,980 tons
.
(3) ICSG said that the global refined copper shortage was 52,000 tons in 2020 and 69,000 tons
in 2021.
Spot analysis: On October 20, spot 1# electrolytic copper was quoted at 51380-51500 yuan / ton, with an average price of 51440 yuan / ton, down 170 yuan / ton
daily.
Yangtze River Nonferrous Metal reported that the supply is abundant, the supply pressure is increasing, the downstream consumption is not good, and the transaction is average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 66,752 tons on Tuesday, a daily decrease of 874 tons; On October 19, LME copper stocks stood at 183,900 tonnes, down 950 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2011 contract were 76160 lots, minus 5776 lots per day, short positions were 61756 lots, daily minus 4258 lots, net long positions were 14404 lots, daily minus 1518 lots, long and short were reduced, and net long decreased
.
Market research and judgment: Shanghai copper 2011 opened high on
October 20.
A new stimulus package in the United States is expected to pass before the election, weakening the dollar index and heating up risk sentiment in the market
.
In September, the operating rate of domestic copper enterprises rebounded, and after the holiday, the market purchasing sentiment heated up, the spot premium rose, and there were signs of recovery in demand, which supported copper prices
.
However, upstream Escondida copper mine labor and management reached an agreement to avoid strikes, and copper mine TC has recently rebounded slightly, and copper mine supply tension has shown signs of easing signs; Coupled with the rebound of the epidemic in Europe, the economic outlook is still under greater pressure, and copper prices are facing downward pressure
on the recent sharp increase in copper inventories.
Technically, the trading volume of the Shanghai copper 2011 contract is cautious, and the mainstream long position reduction is large, and the short-term shock adjustment
is expected.
