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On Wednesday, the main 2111 contract of Shanghai copper fell under pressure, with the highest 69210 yuan / ton during the day, the lowest 68290 yuan / ton, and the closing price of 68360 yuan / ton, down 1.
26% from the closing price of the previous trading day; LME copper is running weakly, as of 15:00 Beijing time, 3-month London copper is reported at $9250 / ton, down 0.
06%
on the day.
Market Focus: (1) Fed Chairman Jerome Powell said on Tuesday that the United States still has a long way to go
in achieving full employment.
The Fed has almost met the conditions for starting Taper (minus QE), and the requirements for raising rates are clearly higher
in comparison.
Spot analysis: SMM spot 1# electrolytic copper quotation 68750-69080 yuan / ton, the average price is 68915 yuan / ton, down 585 yuan / ton
daily.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts within the day was 11,656 tons, a daily decrease of 24 tons, and a decrease of 8 consecutive days; LME copper stocks were 220875 tonnes, down 5,750 tonnes
per day.
Main position: the top 20 long positions of Shanghai copper main 2111 contract 69743, -1811, short positions 78643, -2191, net positions -8900, +380, long and short are reduced, net space is reduced
.
Market research: Recently, a number of Fed officials expressed support for the Fed's tapering of bond purchases, and Powell also said that the Fed almost met the conditions for starting to reduce QE, which strengthened the dollar index and suppressed
risk sentiment.
Fundamentals, upstream copper concentrate processing fees continued to rise, raw material tightness continued to improve, but Peru and Kazakhstan were hindered by transportation, causing supply concerns
.
The maintenance of domestic refineries is gradually completed, and the impact of power curtailment on the smelting end is small, and the output shows an increasing trend
.
Recently, domestic and foreign inventories have shown a downward trend, which has supported copper prices, but there is still a lack of upward momentum
.
