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Shanghai copper opened high on Tuesday, the intraday market was warm, the rise continued to expand, the main month 2210 contract opened at 60380 yuan / ton, the daily close at 61630 yuan / ton, up 1570 yuan / ton, up 2.
61%.
Hopes of China's stimulus measures were bolstered, confidence was encouraged, and falling exchange inventories and soaring energy prices limiting supply all supported copper prices to the upside, with intraday futures rebounding
significantly.
In terms of spot, on September 06, the trading price of Yangtze River spot 1# copper was 61770-61810 yuan / ton, up 800 yuan / ton; Premiums 490-530, down 30 yuan / ton
.
In the spot market, the sentiment of holders is high, the receiver is bullish and actively enters the market, the trading activity is better, the actual trading volume is limited, and the replenishment
is on demand.
In terms of inventories, as of September 6, copper stocks on the London Metal Exchange (LME) decreased by 2,450 tons, or 2.
26%, to 106,000 tons; As of September 6, the previous copper futures warehouse receipt was 3127 tons, flat
.
On the supply side, the recent disturbance at the South American mine end has decreased slightly, and after the domestic power solution, major smelters have actively resumed production and work, and the smelting profit is considerable, but refinery maintenance has appeared in September, which may suppress supply
to some extent.
On the demand side, the domestic spot premium remained high, and affected by the typhoon weather, the decrease in the arrival of imports was the inducement, and the affected downstream processing plants after the lifting of power cuts gradually resumed normal production, and with the arrival of gold nine silver ten, consumption improved significantly
.
Comprehensive analysis, the recent macro warmth has supported the price trend, and the domestic announcement of a 2 percentage point RRR cut, while continuing to put forward policy support, and said that it will increase infrastructure investment, which also boosted the growth
of metal demand.
Tight copper inventories on exchanges and soaring energy prices could limit supply, also supporting copper prices
.
However, the fundamentals have not improved for the time being, and it is expected that there is little upward space, and a phased game market will be formed in the long and short areas
.
