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On Tuesday, the main 2201 contract of Shanghai copper rushed back down, with the highest 71620 yuan / ton and the lowest 70150 yuan / ton during the day, and the closing price was 70740 yuan / ton, up 0.
80% from the previous trading day's closing price; LME copper encountered obstacles to the upside, as of 15:00 Beijing time, the three-month London copper was reported at 9664 US dollars / ton, down 0.
08%
on the day.
Market focus: (1) Fed Chairman Jerome Powell: The economy is expanding
at its fastest pace in years.
Looking forward to working closely
with Brainerd.
Economic growth is expected to bring the most jobs
.
Tools will be used to prevent inflation from becoming entrenched
.
(2) According to Mysteel data, on November 22, the spot inventory of electrolytic copper in the Chinese market was 81,900 tons, down 15,800 tons from the 15th and 11,400 tons
from the 18th.
(3) On November 22, the inventory of electrolytic copper in Shanghai and Guangdong Free Trade Zone was 169,000 tons, down 07,000 tons from the 15th and 04,000 tons
from the 18th.
Spot analysis: SMM spot 1# electrolytic copper quotation 72270-72650 yuan / ton, the average price is 72460 yuan / ton, up 510 yuan / ton
daily.
The supply of goods is tight, the quotation and shipment of holders have slowed down, the downstream bearish enthusiasm has weakened, the purchase is not happy, and the overall transaction activity has decreased
compared with last week.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts within the day was 12,338 tons, a daily decrease of 25 tons, and a decrease of 5 consecutive days; LME copper stocks were 81,600 tons, down 4,925 tons per day, down for four consecutive days
.
Main positions: Shanghai copper main 2201 contract top 20 long positions 108824, +10282, short positions 117004, +8975, net positions -8180, +1307, long and short increased, net space decreased
.
Market research: Biden nominated Powell for a second term as chairman of the Federal Reserve, against the background of inflationary pressure in the United States, hawkish stance expectations are heating up, and the dollar index continues to strengthen
.
Fundamentally, the growth of upstream copper processing fees has slowed down, and the tight supply of cold materials still exists, coupled with the sharp decline in sulfuric acid prices, the pressure on refinery production has increased
.
Copper prices have fallen recently, downstream purchasing willingness has improved, processing enterprise inventories are low, demand elasticity is high, domestic copper inventories have fallen slightly, but the market fear of heights also exists; Foreign explicit inventories continue to decline, supply tightening concerns remain, and copper prices are expected to move
upward.
