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On Tuesday, the Shanghai copper weak trend, the intraday market was low, the main month 2211 contract opened at 63340 yuan / ton, and the daily close was 62650 yuan / ton, down 550 yuan / ton, down 0.
87%.
The UK budget reversed the pound sterling and the dollar weakened, but the market remained worried about further aggressive interest rate hikes by the Federal Reserve in December, while the sharp increase in Shanghai copper warehouse receipts put some pressure on copper prices, which weakened
under pressure.
In terms of spot, on October 18, the trading price of Yangtze River spot 1# copper was 63730-63770 yuan / ton, down 1200 yuan / ton; Premiums 1080-liters 1120, down 560 yuan / ton
.
In the spot market, the transaction performance is still not good, the price adjustment of cargo holders stimulates selling, high premium water inhibits downstream consumption, and receivers choose to wait and see to reduce procurement on demand, and market consumption performance is sluggish
.
In terms of inventories, as of October 18, London Metal Exchange (LME) copper stocks increased by 875 tons, or 0.
61%, to 143825 tons; As of October 18, the previous Shanghai copper futures warehouse receipt was 77,514 tons, an increase of 4,902 tons from the previous day, and has increased to a seven-month high
.
On the supply side, recently, copper processing fees are high, the supply of concentrate copper is abundant, the smelting increase in September is faster, the increase in October may be obvious, the import window continues to open, the proportion of LME written off warehouse receipts has risen, and imported copper will gradually flow in, which may promote the gradual increase
in inventory.
However, the current market still maintains a tight pattern
.
On the demand side, domestic copper rod factories began to stop furnaces, in a wait-and-see state, and downstream losses are serious, receiving goods is weak, only maintain on-demand procurement, but the order performance of cable factories is still good
.
On the whole, the British pound jumped and the dollar fell sharply, but the trend of non-ferrous metals continued to be weak
.
Lingering expectations of further sharp rate hikes by the Fed this year will still limit the room for copper prices to rebound, and even expose copper prices to further downside risks
.
Recently, London copper inventories have continued to rise, and Shanghai copper inventories and warehouse receipts are also showing an upward trend, putting certain pressure
on copper prices.
On the consumer demand side, it is still dragged down by the real estate sector and the spot premium is too high to suppress, downstream wait-and-see, the transaction performance is relatively sluggish, but the market still maintains a tight pattern, copper prices continue to fall in the probability of deep decline is not large, so in the short term Shanghai copper does not change the range shock characteristics, intraday spot copper prices plummeted, copper intraday close slightly weaker
.
