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On Thursday, the main 2101 contract of Shanghai copper continued to rise sharply, with the highest 55390 yuan / ton and the lowest 54390 yuan / ton within the day, and the closing price of 55310 yuan / ton, up 1.
39% from the closing price of the previous trading day; In the external market, LME copper continued to rise, as of 15:00 Beijing time, the three-month London copper was reported at 7398 US dollars / ton, up 0.
98%
on a daily basis.
Market Focus: (1) The Fed minutes show that many officials at the meeting believe that the FOMC may want to immediately strengthen forward guidance
on the asset purchase program.
(2) U.
S.
jobless claims last week were 778,000, the highest level
in a month.
(3) China's imports of copper ore and its concentrate in October were about 1.
69 million tons, down 21% month-on-month and 12%
year-on-year.
Spot analysis: On November 26, spot 1# electrolytic copper was quoted at 55030-55240 yuan / ton, with an average price of 55135 yuan / ton, a daily increase of 205 yuan / ton
.
Yangtze River Nonferrous Metal Report, cargo holders cover the goods and sell, traders are afraid to wait and see, downstream consumption has no bright spots, and the transaction is average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 39,847 tons on Thursday, a daily decrease of 2,694 tons, down for 8 consecutive days; On November 25, LME copper stocks were 153175 tons, down 1,650 tons per day, down 15 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2101 contract were 96455 lots, a daily increase of 3999 lots, short positions were 96798 lots, a daily increase of 2822 lots, a net short position of 343 lots, a daily decrease of 1177 lots, both long and short increases, and the net space decreased
.
Market research and judgment: On November 26, Shanghai copper 2101 continued to rise
sharply.
The US preliminary data increased further last week, indicating that the impact of the epidemic is still expanding, although the dollar index continued to be weak due to
vaccine benefits and US stimulus expectations.
The supply of upstream copper mines remained tight, copper processing fees TC remained low, and smelter production costs continued to be high; The recent improvement in downstream demand in the copper market has driven the continuous dematerialization of inventories, and the current Shanghai copper inventory has reached a low level in nearly six years, and copper prices have performed
strongly.
However, domestic smelting production has shown an upward trend, coupled with the recent opening of the import window, the bonded zone inventory has increased, which has formed some resistance
to copper prices.
Technically, the increase in positions in the Shanghai Copper 2101 contract continued to rise, and the mainstream bulls increased their positions more, and it is expected to fluctuate
strongly in the short term.
