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Copper market review, the last trading day Shanghai copper main Cu1810 opened 49640, closed 49730, the highest 49860, the lowest 49530, the position increased by 04700 lots, the trading volume decreased by 57,700 lots
.
Falling back in overnight trading, closing down 0.
06%.
LME 3-month copper closed down 0.
41% and COMEX copper workhorse closed down 0.
38%.
In terms of the market, on the 13th, the premium of the spot market has rebounded, and the transaction volume of the spot market has improved, mainly due to the widening of the spread of 1808 contracts, the improvement of forward contracts, and the increase in the enthusiasm of traders to receive pending orders; Terminal procurement is general, and the overall spot market supply is still tight
.
In terms of inventory, LME inventories increased slightly on the 13th, mainly due to the increase in Asia and the Americas, and the recent increase was mainly due to delivery factors; In addition, although Indian smelters seek to resume production, it is still difficult to achieve in the short term, so the LME future destocking pattern will remain maintained
.
In terms of industry, Chile's Escondida negotiations still affect the market, Escondida Copper Vice President Patricio Smith Escondida Smith Patricio Vilaplana said in an email that BHP had raised a new salary offer that would not be voted on by unions again
.
Bloomberg said it obtained a copy of the document showing changes in the offer, including an actual 2 percent pay rise for workers, up from 1.
5 percent
previously proposed.
But this is still far below the union's expectations, so strike expectations remain
.
On the whole, the further increase in raw material imports shows that the pressure of new smelting capacity to be put into the future is expected to gradually strengthen; The suppression of US trade policy may trigger further escalation
of Sino-US trade.
The short-term supply elasticity is not high, the status quo of destocking has not been reversed, and short-term copper prices still tend to maintain a rebound structure
.
However, demand data shows that copper pipes have entered the off-season, coupled with the concentration of new smelting capacity in China in the future, and Indian smelters seeking to resume production, so limiting the strength
of copper prices to rebound.
In addition, the short-term market's macro expectations are often repeated, copper price trends are more tangled, but overall, due to the short-term supply elasticity, and strikes may help, the short-term is still dominated by the rebound structure
.
