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On Thursday, the main 2012 contract of Shanghai copper fell slightly, with the highest 51930 yuan / ton and the lowest 51560 yuan / ton within the day, and the closing price of 51800 yuan / ton, down 0.
31% from the closing price of the previous trading day; In the external market, LME copper shock adjustment, as of 15:00 Beijing time, 3-month London copper was reported at 6895 US dollars / ton, up 0.
14%
on the day.
Market focus: (1) The ECB warned on Wednesday that the coronavirus vaccine will not have an immediate impact on the economy and hinted that the ECB will adopt more stimulus policies
.
(2) Codelco, Chile's national copper company, agreed with a South Korean customer to maintain copper premiums of US$83 per tonne in 2021, after the company finalized a copper premium of US$88 per tonne with a Chinese customer
.
Spot analysis: On November 12, spot 1# electrolytic copper was quoted at 51840-51920 yuan / ton, with an average price of 51880 yuan / ton, down 95 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that traders actively adjusted prices and shipments, and the downstream maintained just need to purchase, and the overall transaction was average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 50,250 tons on Thursday, a daily decrease of 1,646 tons, down for 12 consecutive days; On November 11, LME copper stocks were 167825 tons, down 1,750 tons per day, and fell for five consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 72454 lots, minus 202 lots per day, short positions were 64907 lots, 1014 lots per day, net long positions were 7547 lots, daily increase of 812 lots, long and short were reduced, net long and long increased
.
On November 12, Shanghai copper 2012 fluctuated slightly
.
The supply of upstream copper mines remained tight, copper ore processing fees TC were further reduced, and smelter production costs continued to be high; The domestic import window continued to close, the inflow of overseas copper into the bonded zone increased, and the inventory of Shanghai and Lun showed a decline, which supported copper prices
.
However, the global epidemic situation continues to deteriorate, the economic outlook is still facing risks, and US Treasury yields continue to climb, supporting the US dollar index to the upside; At the same time, the willingness of domestic smelters to impulse at the end of the year is high, and it is expected that production will continue to rise, limiting the upward momentum
of copper prices.
Technically, the Shanghai copper 2012 contract reduced its position, and it is expected to fluctuate
in the short-term range.
In terms of operation, it is recommended to operate in the range of 51500-52100 yuan / ton, and the stop loss is 200 yuan / ton
each.
