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On Thursday, the Shanghai copper 2212 contract fluctuated in a narrow range, and finally closed at 63350 yuan / ton; The trend of the international copper 2301 contract also maintained consolidation, and finally closed at 56470 yuan / ton
.
Overnight, copper bottomed out, and Shanghai copper and international copper also maintained volatility
.
On Thursday, the Shanghai electrolytic copper spot pair was reported at 130-170 yuan / ton of premium for the month 11 contract, with an average price of 150 yuan / ton, down 5 yuan / ton from yesterday; The difference copper increment is large and the flat water copper opens the price difference, and the CMCC discount seeks the transaction drags down the wet copper
.
On the macro front, the Bank of England raised interest rates by 75 basis points as scheduled, the largest in 33 years, emphasizing that the peak interest rate will be lower than market expectations; The ISM non-manufacturing sector in the United States hit a new low since May 2020 in October, coinciding
with the downturn in manufacturing.
In terms of industry, ICSG: The global refined copper market was short of 16,000 tons in August; LME copper stocks fell by another 8,250 tons, more than half of the decline came from Busan warehouses
.
The market was in a narrow range yesterday, and after the Fed's November interest rate decision, the market was volatile for a while, but soon fell back into turmoil
.
For now, the biggest bearish in the market has been realized, and while the final interest rate level may be raised, expectations of a slowdown in the coming period have been strengthened, and macro pressure is limited
ahead of the December FOMC meeting.
On the supply and demand side, domestic and foreign inventories have continued to fall recently, especially London copper inventories have returned to low levels, most of which are expected to flow into China, and the low inventory state also supports copper prices
.
It is expected that inventory may gradually accumulate at the end of the year, but it is difficult to change
short-term low inventory.
It is also necessary to pay attention to the short-term impact
of the results of the LME sanctions on Russian metals on copper prices.
Overall, the macro pressure on the market eased, supply and demand also supported in the short term, and copper prices continued to remain volatile
.
