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LME copper continued to rise on Tuesday, and as of 15:00 Beijing time, the three-month London copper was reported at $5908.
5 / ton, up 0.
43%
on a daily basis.
The main 1912 contract of Shanghai copper rose in shock, with the highest 47270 yuan / ton and the lowest 47020 yuan / ton within the day, and the closing price of 47250 yuan / ton, up 0.
45% from the closing price of the previous trading day; The trading volume was 79978 lots, an increase of 6784 lots per day; The position was 194,900 lots, a daily decrease of 2,162 lots
.
The basis narrowed to -65 yuan/ton; The price spread of Shanghai copper from 1912 to 2001 remained at -100 yuan / ton
.
Market focus: The People's Bank of China carried out a medium-term lending facility (MLF) operation of 400 billion yuan, basically the same as the maturity volume on the day, with a maturity of one year, and the winning interest rate was 3.
25%, down 5 basis points from the previous period, which is the first time since April 2018 that the 1-year MLF interest rate
has been reduced.
The U.
S.
commerce secretary said the Trump administration may not need to impose tariffs
on imported cars later this month.
Chilean copper miner Antofagasta expects annual copper production to be between 750,000 and 770,000 tons, down from its previous target of 750,000 to 790,000 tons
.
Spot analysis: On November 5, spot 1# electrolytic copper was quoted at 47140-47230 yuan / ton, with an average price of 47185 yuan / ton, a daily increase of 155 yuan / ton
.
The import ratio is low, the import window has been closed for half a month, the holder of the morning market quotation premium 60-90 yuan / ton, traders with abundant funds to lead the market buying, the morning market activity is high, intraday performance period is now rising, traders are willing to hold up prices, resolute, quotations are up, traders continue to lead the market transaction
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 67,705 tons on Tuesday, a daily decrease of 2,207 tons; On November 4, LME copper stocks were 251475 tons, down 3,550 tons per day, down for three consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 56646 lots, minus 1204 lots per day, short positions were 71420 lots, daily minus 319 lots, net short positions were 14774 lots, daily minus 885 lots, long and short were reduced, and net space was reduced
.
Market research and judgment: On November 5, the main force of Shanghai copper 1912 fluctuated up
.
The US dollar index continues to be strong, and downstream demand is still weak, downstream copper operating rate has declined, global copper explicit inventories have rebounded, and copper prices have been put on pressure, but the Sino-US trade negotiations have improved, market risk sentiment has rebounded, and upstream copper mine production is frequent, copper mine supply will be affected, copper prices are strong
.
In terms of spot, the import ratio is low, the import window has been closed for half a month, traders are rich in funds to lead the market to buy, the morning market activity is high, intraday performance period is now rising, traders are willing to hold up prices, quotations are up
.
Technically, the main 1912 contract of Shanghai copper runs above the Bollinger mid-band, focusing on the pressure above the 47500 position, and is expected to rise
slightly in the short term.
