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On Tuesday, Shanghai copper was weak and volatile, and the intraday market stretched, the main monthly 2210 contract opened at 62700 yuan / ton, and the daily close was 62200 yuan / ton, down 1180 yuan / ton, down 1.
86%.
Under the influence of the macro bearish atmosphere, the trend of Shanghai copper was weak during the day, once bottoming out, coupled with weak domestic supply and demand support, copper prices continued to close lower
.
In terms of spot, on August 30, the trading price of Yangtze River spot 1# copper was 63330-63370 yuan / ton, down 590 yuan / ton; Premiums 550-590, down 60 yuan / ton
.
In the spot market, the holders were unable to hold prices, the spot rose under the water, and under the influence of the downstream bearish sentiment, the receipt of goods was cautious, the overall procurement atmosphere was light, and the transaction was average
.
In terms of inventories, as of August 30, London Metal Exchange (LME) copper stocks increased by 475 tons, or 0.
39%, to 121,000 tons; On August 29, the spot stock of electrolytic copper in the domestic market was 58,400 tons, an increase of 05,400 tons from the 22nd and 07,700 tons from the 25th; Shanghai inventory was 46,600 tons, an increase of 05,200 tons from the 22nd and an increase of 07,000 tons from the 25th; Guangdong stocks were 06,900 tons, an increase of 02,300 tons from the 22nd and an increase of 02,300 tons
from the 25th.
On the supply side, the current shortage of electricity in Sichuan has eased, and the local general industrial and commercial electricity consumption has all been restored, except for high-capacity industries, large-scale industrial electricity is gradually recovering electricity
consumption.
Among them, copper smelting enterprises are gradually promoting the resumption of work and production, and it is expected that normal production
can basically resume this week.
On the demand side, domestic copper consumption is still constrained by weak real estate, and the pattern of weak consumption continues
.
The operating rate of large and medium-sized copper rod enterprises is about 66.
65%, down 11.
45 percentage points
from last week.
Comprehensive analysis, the macro bearish atmosphere has aggravated, the overall pressure of non-ferrous metals has declined, and the decline of Shanghai copper has been significant
.
On the one hand, the dollar index was running
high as expectations of a sharp interest rate hike by the Federal Reserve in September increased.
On the other hand, the escalation of epidemic prevention and control in some parts of the country has aggravated
concerns about metal demand.
Coupled with the easing of domestic power cuts, refinery capacity has gradually recovered, and supply concerns have eased
.
In addition, spot prices are adjusted under water, downstream trading is contracting, and demand is average
.
Therefore, the long and short factors overlapped, and the Shanghai copper rebound was temporarily suspended and weakly operated
.
