The main force of Shanghai copper rose sharply, and the upward momentum was strengthened

Market Focus: (1) The minutes of the Fed's September meeting show that Fed officials could begin to reduce the special aid
they have been providing to the economy as early as mid-November.
(2) The US consumer price index (CPI) rose 0.
4% month-on-month and 5.
4% year-on-year in September, both exceeding market expectations
.

Spot analysis: SMM spot 1# electrolytic copper quotation 71560-72740 yuan / ton, the average price is 72150 yuan / ton, a daily increase of 1975 yuan / ton
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts within the day was 10,084 tons, a daily decrease of 101 tons; LME copper stocks were 187,050 tons, down 4,550 tons per day, down for 12 consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2111 contract 99464, +10044, short positions 102936, +8646, net positions -3472, +1398, long and short increased, net space decreased
.

Market analysis: The minutes of the Fed meeting showed that it may begin tapering bond purchases before the end of the year, in line with market expectations, and the US CPI report showed that inflationary pressures continued to increase, weakening the attractiveness
of the dollar index.
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, domestic destocking is maintained, and copper prices can be strengthened
.