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On Wednesday, Shanghai copper first fell and then rose, rushing higher in the afternoon, the main monthly 2211 contract opened at 62510 yuan / ton, and the daily close was 62720 yuan / ton, up 420 yuan / ton, or 0.
67%.
The IMF warned that increased risks increased market concerns, and a strong dollar weighed on copper prices, but China's better-than-expected social finance data provided support, and the A-share market picked up significantly during the day, and the low rebound of Shanghai copper closed slightly higher
.
In terms of spot, on October 12, the trading price of Yangtze River spot 1# copper was 63840-63880 yuan / ton, down 650 yuan / ton; Discount 120-discount 80, down 490 yuan / ton
.
Intraday spot market holders have a positive pace of shipments, receivers generally wait and see, spot premiums are slippery, and trading contracts after the market transaction tends to be flat
.
In terms of inventories, as of October 12, copper stocks on the London Metal Exchange (LME) decreased by 225 tons, or 0.
15%, to 145525 tons; As of October 12, the warehouse receipt of Shanghai copper futures in the previous period was 9,668 tons, an increase of 5,112 tons
over the previous day.
On the supply side, Chile's copper mine production has continued to decline, while the European energy crisis continues to spread wider, resulting in smelters having to stop or partially stop work; Hongsheng Copper, the largest copper smelter under construction in China (400,000 tons), will be put into operation, and the supply pressure will gradually increase in the later period, but considering that the smelter still has a long order to be handed over in the early stage and the reduction of financing copper imports, the supply pressure will not be realized immediately
.
The window for copper spot imports in the near future opens
.
However, the increase in spot supply is limited,
On the demand side, domestic easing policies are frequent, but it still takes some time to affect the real economy, and the overall atmosphere is relatively pessimistic
.
Copper pipes and copper rods decreased compared with the same period, but the high prosperity of new energy and high infrastructure development supported copper consumption
.
On the whole, macro bearish pressure persists, coupled with the release of a pessimistic report by the IMF to increase people's concerns, the strong dollar continues to weigh on metal demand, and copper prices are difficult to be optimistic
.
However, China's new social finance data in September far exceeded market expectations, supporting copper prices, and the A-share market picked up significantly during the day, and Shanghai copper rebounded
in the afternoon.
At present, the eyes of the market are beginning to focus on the US CPI data for September, which will be released on Thursday, and the current market expectation is more likely to be hawkish, and the metal market is worried
.
Therefore, under this dignified atmosphere but tight Shanghai copper warehouse orders, short-term Shanghai copper is still volatile
.
