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On Thursday, the main 2110 contract of Shanghai copper rebounded slightly, with the highest of 69230 yuan / ton, the lowest 68510 yuan / ton, and the closing price of 69020 yuan / ton, up 0.
17% 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 $9367.
5 / ton, up 0.
34%
per day.
Market focus: (1) The US ISM manufacturing PMI recorded 59.
9 in August vs 58.
5 expected and 59.
5
in the previous month.
However, the employment sub-indicator came back into range at 49, falling to a nine-month low
.
(2) The number of ADP employment in the United States in August was 374,000, which was less than the market's expectation of 625,000 and the previous value of 330,000
.
Spot analysis: spot 1# electrolytic copper quotation 69280-69600 yuan / ton, the average price is 69440 yuan / ton, down 510 yuan / ton
daily.
Traders ship normally, and a small amount of downstream bargaining replenishes, but the demand is general, and the overall trading volume is limited
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 24,602 tons, a daily decrease of 250 tons, and a decrease of 4 consecutive days; LME copper stocks were 252,400 tons, down 325 tons per day, down for four consecutive days
.
Main position: the top 20 long positions of Shanghai copper main 2110 contract 75218, -646, short positions 80719, -3270, net positions -5501, +2624, long and short are reduced, net space is reduced
.
Market research and judgment: US economic data show a slowdown in employment recovery, coupled with the current US epidemic continues to spread, the US dollar index is under pressure downward, pay attention to the release
of non-farm payrolls.
Fundamentally, copper concentrate spot processing fees continued to rise, Chile's copper production in July was not greatly affected by the epidemic, raw material tension gradually eased, but the recent risk of strikes in South America continued, causing supply concerns
.
The impact of domestic smelting maintenance and production reduction still exists, and the impact of power rationing factors has led to slow growth in refined copper production; And downstream consumption performed better than expected, domestic inventories continued to fall, and there was support
below copper prices.
