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On Monday, the main 2111 contract of Shanghai copper opened high, with the highest 76700 yuan / ton and the lowest 74480 yuan / ton during the day, and the closing price was 76270 yuan / ton, up 3.
32% from the closing price of the previous trading day; LME copper opened high, as of 15:00 Beijing time, 3-month London copper was reported at 10,356 US dollars / ton, up 1.
38%
per day.
Market focus: (1) China's GDP in the first three quarters increased by 9.
8% year-on-year, down 2.
9 percentage points from the growth rate in the first half of the year, and 5.
2% in two years, down 0.
1 percentage points
from the average growth rate of the first half of the two years.
(2) According to Mysteel data, China's copper concentrate port stocks were 678,000 tons on October 15, down 87,000 tons
from last week.
Spot analysis: SMM spot 1# electrolytic copper quotation 75650-76260 yuan / ton, the average price is 75955 yuan / ton, a daily increase of 1905 yuan / ton
.
The holder actively quotes, the downstream bargain enters the market to inquire, the receiver still needs to purchase, the sentiment of receiving goods at a low price continues, the trading activity is average, and the overall trading volume is limited
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 11,886 tons, with a daily increase of 1,525 tons; LME copper stocks were 181375 tonnes, down 25 tonnes per day, down 14 consecutive days
.
Main positions: Shanghai copper main 2111 contract top 20 long positions 102374, -902, short positions 102965, -4260, net positions -591, +3358, long and short reduction, net space reduction
.
Market analysis: Strong US CPI and retail sales data, rising inflation and economic recovery expectations, the market favors tight supply commodities
.
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
.
Downstream China's copper imports rebounded in September, indicating that demand performance has improved, and domestic inventories remain low, foreign countries maintain destocking, supply tightening is expected to heat up, and copper prices can strengthen
upward momentum.
