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On Wednesday, the main 2201 contract of Shanghai copper fell under pressure, with the highest 70530 yuan / ton and the lowest 69170 yuan / ton during the day, and the closing price was 69450 yuan / ton, down 1.
11% from the closing price of the previous trading day; LME copper fell under pressure, as of 15:00 Beijing time, the three-month London copper was reported at $9481 / ton, down 1.
24%
on a daily basis.
Market focus: (1) Federal Reserve Chairman Jerome Powell said that the Omicron variant exacerbates many economic risks and inflation uncertainty
faced by the United States.
(2) The Biden administration's energy envoy reiterated that the United States is ready to release more crude
oil from the Strategic Petroleum Reserve if necessary.
(3) According to Mysteel data, on November 29, the spot inventory of electrolytic copper in the Chinese market was 86,800 tons, an increase of 04,900 tons from the 22nd and 03,400 tons
from the 25th.
Spot analysis: SMM spot 1# electrolytic copper quotation 70430-70900 yuan / ton, the average price is 70665 yuan / ton, down 135 yuan / ton
daily.
The willingness of the holders to adjust the price is not high, the receiver is cautious and wait-and-see, the transaction is generally happy, and the transaction volume is limited
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 11,786 tons, unchanged; On the 29th, LME copper stocks were 80,075 tons, down 3,725 tons
per day.
Main position: Shanghai copper main 2201 contract top 20 long positions 95736, -2693, short positions 104839, -4286, net positions -9103, +1593, long and short are reduced, net space is reduced
.
Market research: The emergence of a new coronavirus variant in South Africa may avoid the immune response and become more transmissible, causing market panic, but it is still necessary to pay attention to the actual transmission
.
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
.
Indonesia plans to stop copper exports in 2023, but the trend of self-production and self-sale itself has become limited
.
At present, downstream demand is still weak, wait-and-see sentiment is heavier, domestic and foreign inventories are slowing down, the recent spot premium is gradually lowered, the market presents a weak situation of supply and demand, and copper prices are expected to fluctuate and adjust
.
