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On Monday, the Shanghai copper shock weakened, the intraday decline widened, the main month 2210 contract opened at 64210 yuan / ton, the daily close at 62550 yuan / ton, down 790 yuan / ton, down 1.
25%.
Under the influence of the hawkish Federal Reserve, market risk appetite cooled, non-ferrous metals weakened collectively, coupled with the easing of domestic power restrictions, smelter production improved and Shanghai copper inventories increased slightly, and copper prices fell from high levels
.
In terms of spot, on August 29, the trading price of Yangtze River spot 1# copper was 63920-63960 yuan / ton, down 570 yuan / ton; Premiums 610-liters 650, up 10 yuan / ton
.
In the spot market, the premium remained high, the holders lowered to stimulate shipments, the receiver entered the market to seek replenishment, the replenishment demand was slightly released, the trading performance was acceptable, and the trading volume rebounded
.
In terms of inventories, data released by the London Metal Exchange (LME) showed that London copper stocks continued to fall overall last week, with the latest inventory level of 120,525 tons, falling to a two-month low
.
Shanghai copper inventories rebounded in the week of August 26, with weekly inventories rising 11.
83% to 34,898 tonnes, at a relatively low level in seven months
, according to the latest data released by the Shanghai Futures Exchange.
International copper stocks rose 74 tonnes to 88,955 tonnes
last week.
New York copper inventories continued to decline last week, with the latest level of 52,664 tonnes, a fresh eleven-month low
.
On the supply side, overseas supply bottlenecks still exist, mine disturbances continue, and mid-year production growth is less than expected, domestic Shandong, Hunan, Hubei and other places smelting profits fell back to ease the release of smelting capacity expectations, coupled with the high temperature power rationing in mid-to-late August caused major smelters in southwest, east China, and central China to suffer from production, while the domestic low inventory pattern spot supply is insufficient, and the supply is expected to decline in August
.
On the demand side, the domestic real estate data is still weak, and the repeated impact of the epidemic, the economic recovery is slow, coupled with the high premium water on the suppression of consumption, consumption is still not performing well, so in terms of marginal recovery on the demand side, there is no significant improvement, pay attention to the subsequent "golden nine silver ten" consumption elasticity
.
Shanghai copper fell during the day, down 790 yuan, down 1.
25%, the Fed's hawkish voice will spare no effort to curb inflation, this remark triggered a sharp decline in global risk appetite, market sentiment weakened rapidly, non-ferrous metals gave up gains, Shanghai copper weak shock within the day
.
In addition, the recovery of domestic and foreign demand is less than expected and the current supply is limited by the electric shock, while the most difficult situation of supply and demand has gradually passed, and the trend has entered the strong pressure area, and it is
more difficult for copper prices to continue to rise.
Overall, short-term copper prices are under pressure from macro bearishness, paying attention to the consumption elasticity
of the subsequent gold nine silver ten.
