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On Monday, the main 2112 contract of Shanghai copper rose slightly, with the highest 70,650 yuan / ton and the lowest 69,340 yuan / ton during the day, and the closing price was 70,000 yuan / ton, up 0.
59% from the closing price of the previous trading day; LME copper opened high and retreated, as of 15:00 Beijing time, 3-month London copper was reported at $9514 / ton, up 0.
11%
on the day.
Market focus: (1) The number of non-farm payrolls in the United States increased by 531,000 in October, exceeding expectations by 450,000 and the largest increase since July this year
.
(2) The Antamina copper mine in Peru began formal negotiations with protesters to find "common ground.
"
The blockade by protesters led to the suspension of operations at the mine
.
(3) On November 5, China's copper mine TC was 62.
8 US dollars / dry ton, unchanged
from last week.
Spot analysis: SMM spot 1# electrolytic copper quotation 70800-71000 yuan / ton, the average price is 70900 yuan / ton, daily increase of 670 yuan / ton
.
Holders actively ship at a high price, downstream just need to consume, and the overall trading atmosphere is light
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 9685 tons, a daily decrease of 49 tons; LME copper stocks were 115525 tonnes, down 7,075 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2112 contract 86778, -2896, short positions 106028, -1277, net positions -19250, -1619, long and short decreased, net short increased
.
Market research and judgment: the US non-farm payrolls data performed strongly, while the Fed still adhered to the inflation transitory theory, the market waited for further guidance from the news, and the US dollar index fluctuated and adjusted; The national policy side continues to intervene in coal prices, and the coal supply and demand situation has improved, suppressing market risk sentiment
.
Fundamentally, the growth of upstream copper processing fees has slowed, coupled with the recent sharp decline in sulfuric acid prices, and the pressure on refinery production has increased
.
At present, downstream demand is weak, but some refined copper has begun to be exported, and domestic inventories have declined; While foreign countries still maintain destocking, LME copper spot premium remains high, and there is support
below copper prices.
