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On Monday, the main 2201 contract of Shanghai copper opened low and rebounded, with the highest 70460 yuan / ton and the lowest 69330 yuan / ton during the day, and the closing price was 70230 yuan / ton, down 0.
47% from the previous trading day's closing price; LME copper recovered slightly, as of 15:00 Beijing time, 3-month London copper was reported at $9572/ton, up 1.
34%
per day.
Market focus: (1) South Africa has detected a new variant of the new coronavirus, carrying a series of "very unusual" mutations, which concerns that it may avoid the body's immune response and be more transmissible
.
(2) According to Mysteel data, on November 26, China's copper concentrate port inventory was 875,000 tons, down 20,000 tons from last week; China's copper ore processing fee TC was 62.
9 US dollars / dry ton, down 0.
1 US dollars / dry ton
from last week.
Spot analysis: SMM spot 1# electrolytic copper quotation 70500-71100 yuan / ton, the average price is 70800 yuan / ton, down 800 yuan / ton
daily.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in the day was 11,786 tons, a daily decrease of 151 tons, and a decrease of 8 consecutive days; On the 26th, LME copper stocks were 83,800 tons, an increase of 1,200 tons
per day.
Main position: the top 20 long positions of Shanghai copper main 2201 contract 98429, -5593, short positions 109125, -4241, net positions -10696, -1352, long and short decreased, net short increased
.
Market research: The emergence of a new coronavirus variant in South Africa may avoid the immune response and become more transmissible, causing market panic, but it is still necessary to pay attention to the actual transmission
.
Fundamentally, the growth of upstream copper processing fees has slowed down, and the tight supply of cold materials still exists, coupled with the sharp decline in sulfuric acid prices, the pressure on refinery production has increased
.
Indonesia plans to stop copper exports in 2023, but the trend of self-production and self-sale itself has become limited
.
Domestic copper inventories have continued to decline in recent days, but demand is still weak and the wait-and-see mood is heavier
.
Overseas inventories have rebounded in recent days, and copper prices are expected to be adjusted
in shock.
