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LME copper fluctuated to the downside on Thursday, and as of 16:00 Beijing time, the three-month London copper was reported at $5834 / ton, down 0.
34%
on the day.
The main 2001 contract of Shanghai copper opened high and fell, with the highest 47240 yuan / ton and the lowest 46980 yuan / ton during the day, and the closing price was 47110 yuan / ton, up 0.
13% from the closing price of the previous trading day; The trading volume was 99816 lots, and the daily decrease was 44106 lots; The position was 209,400 lots, a daily decrease of 3,632 lots
.
The basis narrowed to -45 yuan/ton; The price difference between Shanghai copper from 1912 to 2001 narrowed to -70 yuan / ton
.
Market Focus: Fed minutes show that Fed officials generally believe they may not need to cut rates
again unless economic conditions change significantly.
Jiangcopper, Tongling, Zhongcopper and Freeport determined the price of TC long orders in 2020 to be 62 US dollars / ton, a new low since 2012
.
The World Bureau of Metal Statistics (WBMS) reported on Wednesday that the global copper market had a supply shortfall of 203,000 tonnes from January to September 2019, a gap of 123,000 tons from January to August, and a shortage of 284,000 tons for the whole of 2018
, according to a report released Wednesday by the World Bureau of Metal Statistics (WBMS).
Spot analysis: On November 21, spot 1# electrolytic copper was quoted at 47030-47100 yuan / ton, with an average price of 47065 yuan / ton, down 125 yuan / ton
per day.
Holders once again showed a sentiment of selling goods for cash, but it was difficult to have a transaction, the market lacked buying interest, the activity was low, the quotation showed a downward trend, the downstream maintained rigid demand, traders concentrated shipments, the characteristics of oversupply were obvious, and there was completely room for price reduction
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,368 tons on Thursday, an increase of 2,528 tons per day; On 20 November, LME copper stocks stood at 220,950 tonnes, up 1,475 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract were 64818 lots, minus 1263 lots, short positions were 76649 lots, daily minus 1003 lots, net short positions were 11831 lots, a daily increase of 260 lots, long and short were reduced, and net space increased
.
On November 21, the main force of Shanghai copper opened high in 2001 and fell
.
The Fed kept interest rates unchanged, but did not show more hawkish signals, the dollar rushed back down, while the copper concentrate TC long order fell to a new low since 2012 in 2020, which will increase the pressure on smelter production, and the recent downward trend in copper inventories has supported copper prices, but the Sino-US trade situation still lacks substantial progress news, market caution is strong, and the end industry is not performing well, downstream demand is still weak, copper prices can move weakly
。 In terms of spot, holders once again showed a sell-and-cash sentiment, the market lacked buying interest, quotations showed a downward trend, downstream maintained rigid demand, traders concentrated shipments, oversupply characteristics are obvious, and there is completely room for price reduction
.
Technically, the main 2001 contract daily MACD green column increment of Shanghai copper, mainstream short positions are large, and it is expected to recover from short-term
lows.
