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On Tuesday, the main 2109 contract of Shanghai copper was running weakly, with the highest 69,770 yuan / ton and the lowest 68,500 yuan / ton during the day, and the closing price was 69,550 yuan / ton, down 0.
22% from the closing price of the previous trading day; LME copper was strongly volatile, as of 15:00 Beijing time, 3-month London copper was reported at $9441 / ton, up 0.
81%
per day.
Market Focus: (1) Fed Rosengren: The Fed should announce in September that it will start reducing purchases of U.
S.
Treasuries and mortgage loans
this fall.
(2) As of August 9, according to Mysteel statistics, the spot inventory of electrolytic copper in the Chinese market was 165,700 tons, an increase of 23,100 tons from August 2 and an increase of 04,700 tons from 5 days
.
(3) On August 9, after the first five-day government mediation period between the Escondida union and BHP Billiton expired, workers and management in Escondida, Chile, agreed to extend the mediation negotiations for another day to avoid a strike
at the world's largest copper mine.
Spot analysis: SMM spot 1# electrolytic copper quotation 69460-69640 yuan / ton, the average price is 69550 yuan / ton, down 55 yuan / ton
daily.
The holder actively ships the goods, the receiver just needs to purchase, the trading atmosphere is general, and the overall transaction is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 41,667 tons, a daily decrease of 1,049 tons; LME copper stocks were 236,100 tonnes, an increase of 1,175 tonnes
per day.
Main positions: Shanghai copper main 2109 contract top 20 long positions 70846, +5197, short positions 78710, +3442, net short positions 7864, -1518, long and short increase, net short reduction
.
Market research and judgment: After the non-agricultural beautiful data, many Fed officials made hawkish speeches, and the Fed's QE tapering expectations heated up again, which boosted the dollar index, but macro sentiment picked up during the day, and Shanghai copper performance was relatively resistant
.
On the supply side, the risk of copper strikes in South American mines has risen recently, and copper mine supply disturbances have increased
.
The expansion of the scope of power rationing in the southwest region of China and the tight price difference of refined waste continue to benefit the consumption of refined copper, which has strong
support for the bottom of copper prices.
However, the recent hawkish statement of the Federal Reserve, the increase in domestic electrolytic copper spot inventory, and the epidemic and power restrictions have significantly restricted consumption in some downstream markets, and short-term copper prices may be weak and volatile
.
