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Trade Service
Copper prices rose sharply yesterday night, with London copper closing at $9,718, up 2.
19%.
The reduction in surrounding metal production has driven the market to do long, and the upper pressure level is focused on $9,800
.
US inflation data rose, the dollar index retreated from its high, boosting the outer metal; At the same time, the energy crisis prompted the world's largest zinc smelter to reduce production by 50%, triggering a bullish atmosphere in the market, and copper prices rose sharply in overnight trading, with the main force of Shanghai copper approaching a four-month high of 72,000
.
The news side is dominant, the space for continued growth is doubtful, it is not appropriate to chase the rise, the operation of the upper merchant to reduce the holding, the downstream wait and see
.
On the macro front, the minutes of the Fed's September FOMC meeting were released, and according to Fed officials, if the November meeting officially announced Taper, it may start in mid-November or mid-December, and many people favor faster Taper
.
The minutes mentioned that all participants had agreed that it would be appropriate to formulate in the resolution to be issued after the meeting that, if progress continued as expected and general, the pace of adjustments to asset purchases could soon be assured
.
At the same time, many people pointed out that there is a risk
that high inflation will continue longer.
According to the data released yesterday, the US CPI rose for 16 consecutive months, and the CPI rose 5.
4% year-on-year in September, exceeding market expectations by 5.
3%, and the fifth consecutive month of year-on-year growth of more than 5%, the highest level
since July 2008.
The September core CPI rose 4% y/y, in line with expectations
.
As inflation concerns intensify, according to the interest rate implied in federal funds rate futures, the market now expects a 90%
probability of a Fed rate hike by September.
Domestically, China's increase in social financing in September and new RMB loans continued to maintain a strong growth rate in August, and the M2-M1 scissor gap showed a widening trend
for five consecutive months.
Fundamentally, according to data released by the General Administration of Customs, China's imports of unwrought copper and copper products in September were 406,000 tons, up 3.
05% month-on-month, and a total of 4.
02 million tons from January to September, down 19.
5%
year-on-year.
On the consumption side, the recent intensification of the volatility has made the downstream stop and watch, and the holders have a strong willingness to exchange cash before delivery, and the Shanghai copper premium continues to decline
.
Affected by the continuous decline in inventories, Guangdong has hit a new low in the year, and the South China copper premium has risen
from yesterday.
In terms of inventory, the LME continued to destock yesterday, and SHFE inventories accumulated slightly
.
In terms of imports, the internal and external prices declined, and the market trading sentiment was suppressed
.
