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On Tuesday, Shanghai copper opened high and jumped, the intraday market was good, the main month 2210 contract opened at 63170 yuan / ton, and the daily close was 63190 yuan / ton, up 910 yuan / ton, up 1.
46%.
The macro bearish pressure weakened, the US index dived, the non-ferrous metals were running strongly overall, superimposed on the supply-side disturbance and low inventory and high premium support, and the Shanghai copper trend was strong
.
In terms of spot, on September 13, the trading price of Yangtze River spot 1# copper was 63970-64010 yuan / ton, up 20 yuan / ton; Premiums 430-470, down 110 yuan / ton
.
In the spot market, the downstream consumption performance was weak and the pace of procurement slowed down, the overall trading activity was significantly weakened, and the actual transaction volume fell
significantly.
In terms of inventories, as of September 13, London Metal Exchange (LME) copper stocks decreased by 1,775 tons, or 103,650 tons, by 1.
68%; As of September 13, the warehouse receipt of copper futures in the previous period was 3224 tons, a decrease of 224 tons from the previous day; As of September 9, copper stocks in the previous period decreased by 1,106 tons, or 2.
95%, to 36,371 tons
.
On the supply side, interference from overseas mines increased, Chile's world's largest copper mine Escondida went on strike due to safety issues, and Indonesia banned the export of raw copper; Although the domestic power is limited and affected by the epidemic factors, the production of electrolytic copper increased in August, and this week due to the tight spot market and typhoons, the customs clearance of imported copper was slow
.
Moreover, global inventories remained low, and the London copper spot premium rose to a new 10-month high to support the risk of forced positions
.
The inventory of the previous period was extremely low, and the inventory of the bonded area also continued to decline
.
On the demand side, the domestic steady growth policy continues to exert force, and the market still has good expectations
for consumption.
And power investment and new energy consumption underpinned, spot premium remained high, but real estate is still the main drag, and the demand side has not seen a significant improvement
.
Comprehensive analysis, Shanghai copper ran strongly on Tuesday, closing up 910 yuan, or 1.
46%, the Fed raised interest rates by 75 basis points, in line with market expectations, the dollar index pulled back at a high level, and non-ferrous metals strengthened
overall.
Overseas supply disturbances are frequent, and domestic and foreign copper inventories are still running at a low level, and spot premiums remain high, coupled with the continuation of spot tightness, which constitutes a strong support for copper prices, and Shanghai copper is strong in
the short term.
