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On Wednesday, the main 2110 contract of Shanghai copper continued to fall, with the highest 69220 yuan / ton and the lowest 68680 yuan / ton within the day, and the closing price of 68680 yuan / ton, down 0.
56% from the closing price of the previous trading day; LME copper fell in shock, as of 15:00 Beijing time, 3-month London copper was reported at $9315.
5 / ton, down 0.
23%
on the day.
Market focus: (1) The European Central Bank is scheduled to hold an interest rate meeting on September 9, and the market expects the central bank to maintain its current policy unchanged and will not announce adjustments to economic support measures
.
(2) According to data monitored by the SAVANT Copper platform, the global smelter activity index fell to 45.
9 in August and 48.
2
in July.
China's smelter activity index fell to 44.
6 from 46.
2; South America only rose from 52.
3 to 62
.
Spot analysis: SMM spot 1# electrolytic copper quotation 69180-69360 yuan / ton, the average price is 69270 yuan / ton, down 320 yuan / ton
daily.
Cargo holders mainly dumped goods for cash, the performance of the receiving party was relatively cold, and the downstream continued to maintain just needed procurement, and the overall transaction was average
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 22,780 tons, a daily decrease of 198 tons, and a decrease of 8 consecutive days; LME copper stocks were 237,700 tons, down 4,850 tons per day, down for 8 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2110 contract 73087, -888, short positions 79137, -1795, net positions -6050, +907, long increase and decrease, net space reduction
.
Market research: The yield of US 10-year Treasury bonds rose sharply, which made the US dollar index rise and risk sentiment cooled; In addition, the ECB meeting is approaching, focusing on policy path guidance
.
Fundamentally, upstream copper ore imports remained high, domestic copper concentrate spot processing fees continued to rise, and raw material tension continued to ease
.
At the same time, domestic copper imports in August continued to decline month-on-month, indicating poor demand performance
.
However, the impact of domestic smelting maintenance and production reduction still exists, and the growth of refined copper production is slow; And in late August, purchasing intentions improved, domestic inventories continued to decline, and copper prices remained supportive
.
