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On Wednesday, Shanghai copper ran weakly, and the decline slowed down during the day, with the main monthly 2210 contract opening at 61840 yuan / ton, and the daily close at 62060 yuan / ton, down 310 yuan / ton, or 0.
50%.
Macro bearish sentiment is still heating up, copper prices upside continues to be suppressed, coupled with domestic demand concerns lingering, Shanghai copper continues to maintain a weak operating posture
.
In terms of spot, on August 31, the trading price of Yangtze River spot 1# copper was 62900-62940 yuan / ton, down 430 yuan / ton; Premiums 410-450, down 140 yuan / ton
.
In the spot market, holders are afraid of falling and selling, spot premiums continue to decline, while downstream market entry inquiry enthusiasm is general, the receiver only a small amount of replenishment demand, the actual transaction is light, and the overall trading volume is limited
.
In terms of inventories, as of August 31, copper stocks on the London Metal Exchange (LME) decreased by 2,500 tons, or 2.
07%, to 118,500 tons; As of August 31, the previous copper futures warehouse receipt was 3,653 tons, down 200 tons
from the previous day.
On the supply side, the recent power has eased, the disruption on the supply side has been reduced, and the Anhui Tongling Nonferrous Smelter has resumed production; In Shanghai, due to the increase in the arrival of imported copper, the supply tightening is expected to decline
.
In terms of demand, due to the impact of the previous power restrictions, the terminal wait-and-see mood is still there, most cable companies' new orders show signs of decline, the weekly operating rate of major fine copper rod companies has declined, and due to the continuous weakening of new orders and the impact of high premium, many copper rod companies in South China have been forced to stop production, in addition, the demand side is also affected by the downturn in the real estate industry and the epidemic factors caused downstream demand to fall
month-on-month.
Comprehensive analysis, Shanghai copper continued to fall during the day, down 310 yuan, down 0.
50%, the Fed's hawkish statement burned the entire market, the pessimistic atmosphere increased, and the upward pressure on Shanghai copper increased
.
In addition, weak domestic manufacturing data for August limited the strength
of the rebound in metal futures.
At the same time, the recent power alleviation of copper smelter enterprises to resume production and supply pressure is increasing, coupled with the slump in the real estate industry and the disruption of the epidemic, Shanghai copper continues to weaken
.
However, spot premiums remain high and power investment exceeds expectations and driven by new energy demand, the probability of copper prices continuing to fall is not large, there is still a certain degree of resilience, and in the short term, it is suppressed by short-term factors and continues to be weak.
