Inventories continue to decline There is support below Shanghai copper

Market focus: (1) At 20:30 Beijing time on September 14, the United States will release CPI data
for August.
(2) According to Mysteel data, the spot inventory of electrolytic copper in the Chinese market on September 13 was 122,500 tons, down 03,900 tons from the 6th and 07,700 tons
from the 9th.

Spot analysis: SMM spot 1# electrolytic copper quotation 70280-70720 yuan / ton, the average price is 70500 yuan / ton, down 975 yuan / ton
daily.
Changjiang Nonferrous Metal Network reported that the spot market response was light, the enthusiasm of buyers and sellers was not high, the receiver just needed to receive the goods at a low price, the overall transaction was very cold, and the transaction volume was limited
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in the day was 22,530 tons, a daily decrease of 450 tons; LME copper stocks were 235,950 tonnes, down 4,400 tonnes
per day.

Main position: the top 20 long positions of Shanghai copper main 2110 contract 79652, -2873, short positions 85490, -6195, net positions -5838, +3322, long and short are reduced, net space is reduced
.

Market research and judgment: the US PPI data in August jumped 8.
3% year-on-year, once again refreshing the new high since the data was launched in 2010, pay attention to the upcoming CPI data, will bring clues to the Fed meeting, market caution heats up
.
Fundamentals, upstream copper ore imports remained high, domestic copper concentrate spot processing fees continued to rise, and raw material tension continued to ease; And the maintenance of domestic refineries is gradually overturned, and the output shows an increasing trend
.
However, the price spread of refined scrap is declining, and Malaysia may raise the import standard of scrap copper, or aggravate the tension of scrap copper, increasing the demand for refined copper substitution; Domestic inventories have continued to decline and have now fallen to a decade low, with support below copper prices
.