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LME copper continued to dip on Monday, as of 15:05 Beijing time, the three-month London copper was reported at $5895.
5 / ton, down 0.
46%
on the day.
The main 1912 contract of Shanghai copper fluctuated downward, with the highest 47360 yuan / ton and the lowest 47090 yuan / ton within the day, and the closing price of 47110 yuan / ton, down 0.
28% from the closing price of the previous trading day; The trading volume was 71,300 lots, a daily decrease of 14,874 lots, and the position was 177,400 lots, a daily decrease of 2,374 lots
.
The basis was reduced to 65 yuan/ton; The price difference between Shanghai copper from 1912 to 2001 widened to -60 yuan / ton
.
Market focus: Data from the University of Michigan on Friday showed that consumer confidence rose to 95.
7
in early November from 95.
5 in October.
A Chilean union leader supported calls for a 24-hour strike on November 12 in areas such as ports, mines, construction, retail, education and health care
.
According to the statement, copper mining overseers will join and support large-scale protests in support of equality and social justice
.
Spot analysis: On November 11, the spot 1# electrolytic copper quotation was 47150-47200 yuan / ton, the average price was 47175 yuan / ton, down 195 yuan / ton
daily.
The import copper window continues to close, Shanghai inventory continues to decline, the market price willingness is relatively resolute, few take the initiative to reduce the quotation, and traders still have the willingness to receive goods, the downstream still maintains just demand, the market has the willingness to receive goods at a low price, but the willingness of the holders to hold the price is clear, the plate performance gives up some of the gains last week, and the quotation shows a deadlock
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 68,705 tons on Monday, a daily decrease of 2,441 tons; On November 8, LME copper stocks were 235,950 tons, down 2,600 tons per day, down for 7 consecutive days
.
As of the week ended November 8, the stock of copper cathode on the Shanghai Futures Exchange was 148687 tons, down 1224 tons
per week.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 56003 lots, a daily increase of 2381 lots, short positions were 65983 lots, a daily decrease of 73 lots, a net short position of 9980 lots, a daily decrease of 2454 lots, more increase and short, a decrease
in net space.
On November 11, the main force of Shanghai copper 1912 oscillated downward
.
The U.
S.
dollar index continued to be strong, while downstream demand still lacked significant improvement, putting pressure on copper prices, but optimistic news from Sino-US trade talks, market risk sentiment has repaired, but uncertainty remains, and Chilean copper mines are expected to strike activity, copper mine supply concerns are difficult to subside, and the current decline in copper inventories has supported copper prices
.
In terms of spot, the imported copper window continues to close, Shanghai inventories continue to decline, the market is more resolute in price support, few take the initiative to reduce the quotation, while traders still have the willingness to receive goods, and the downstream still maintains rigid demand
.
Technically, the main 1912 contract daily MACD green column contraction of Shanghai copper, focusing on the support at the 46800 position, is expected to run in a short-term shock
.
