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On Monday, the main 2010 contract of Shanghai copper rushed back to the top, with the highest 52530 yuan / ton and the lowest 51700 yuan / ton during the day, and the closing price was 52120 yuan / ton, up 0.
85% from the previous trading day's closing price; In the external market, LME copper rushed back down, as of 15:00 Beijing time, the three-month London copper was reported at 6749 US dollars / ton, up 0.
51%
on a daily basis.
Market focus: (1) At the ECB's monetary policy meeting, the current loose monetary policy was maintained unchanged, and the statement on the exchange rate issue was more moderate than expected
.
(2) As of September 11, China's port copper concentrate inventory was 577,000 tons, down 19,000 tons from last week; China's copper smelting TC was $48/dry ton, unchanged
from last week.
Spot analysis: On September 14, spot 1# electrolytic copper was quoted at 52120-52440 yuan / ton, with an average price of 52280 yuan / ton, a daily increase of 730 yuan / ton
.
Yangtze River Nonferrous Metal reported that the willingness of the receiving end is not strong, downstream consumption is cautious, and the transaction is light
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 67,245 tons, an increase of 2,324 tons per day; On 11 September, LME copper stocks were 75,550 tonnes, down 425 tonnes
per day.
As of the week ended September 11, the previous Shanghai copper inventory was reported at 176795 tons, down 78 tons
weekly.
Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 80101 lots, minus 201 lots per day, short positions were 73564 lots, a daily increase of 2090 lots, net long positions were 6537 lots, daily decrease of 2291 lots, more short increases, net more decreases
.
Market research and judgment: Shanghai copper 2010 rushed high correction
on September 14.
The ECB maintained its accommodative policy and indifferently faced the recent appreciation of the euro, which put pressure on the US index; At the same time, upstream copper mine supply is gradually recovering, but copper processing fees TC is still at a low level, making smelting costs still high
.
London copper inventories maintained dematerialization, has been down for 12 weeks to reach a new low in nearly 15 years, but the lack of improvement in domestic market demand, copper enterprise operating rate continued to decline month-on-month, peak season is not strong phenomenon is obvious, Shanghai copper inventory shows a slight accumulation trend, so that copper prices can have limited
upward momentum.
Technically, the mainstream positions of the Shanghai Copper 2010 contract are mostly reduced and increased, and the upside is blocked to maintain a range operation, and it is expected to fluctuate
in a wide short-term range.
