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On Tuesday, the main 2111 contract of Shanghai copper opened low and rebounded, with the highest intraday 76170 yuan / ton, the lowest 74510 yuan / ton, and the closing price of 75810 yuan / ton, down 0.
60% from the previous trading day's closing price; LME copper rose in volatility, and as of 15:00 Beijing time, the three-month London copper was quoted at $10,360 / ton, up 1.
51%
on a daily basis.
Market focus: (1) Data released by the Federal Reserve showed that the value of industrial output in the United States (including manufacturing, mining and utility output) fell by 1.
3% in September, the largest decline since the 3.
1% decline in February this year, far exceeding expectations
.
(2) According to Mysteel data, the spot inventory of electrolytic copper in the Chinese market on October 18 was 99,700 tons, an increase of 10,500 tons from the 14th and 05,900 tons
from the 11th.
Spot analysis: SMM spot 1# electrolytic copper quotation 75620-75940 yuan / ton, the average price is 75780 yuan / ton, down 175 yuan / ton
daily.
Yangtze River Nonferrous Metal Network reported that the holders actively quoted, the downstream bargain entered the market to inquire, the downstream bearish and wait-and-see, cautious trading, the overall trading volume is average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in the day was 11,957 tons, an increase of 71 tons per day; LME copper stocks were 178225 tonnes, down 3,150 tonnes per day, down 15 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2111 contract 98344, -4030, short positions 97539, -5426, net positions +805, +1396, long and short decrease, net long and long increased
.
Market analysis: US CPI and retail sales data are strong, inflation climbing and economic recovery expectations, the market favors tight supply commodities, while the dollar index weakens
.
Fundamentals, upstream copper ore processing fees continue to rise, superimposed on the price of sulfuric acid is higher, domestic refiners are more willing to schedule production under high profits; However, domestic power cuts and tightening crude copper supply, and limited refinery operating rates, led to the production of refined copper basically flat
.
At the same time, domestic inventories remained low, foreign countries maintained destocking, and LME0-3 liters of water rose sharply, indicating that spot supply is tight and copper prices are strong
.
