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On Monday, the main 2012 contract of Shanghai copper opened high and low, with the highest 52130 yuan / ton and the lowest 51780 yuan / ton during the day, and the closing price of 51810 yuan / ton, down 0.
27% from the closing price of the previous trading day; In the external market, LME copper opened low, as of 15:00 Beijing time, 3-month London copper reported 6850.
5 US dollars / ton, down 0.
37%
on the day.
Market focus: (1) The global epidemic continues to spread, with the number of new confirmed cases in the world exceeding 450,000, the third wave of the epidemic in the United States has a major outbreak, and the epidemic situation in many European countries continues to deteriorate
.
(2) On October 23, China's copper mine port inventory was 445,000 tons, down 25,000 tons per week; copper ore processing fee TC was 48.
7 US dollars / dry ton, a weekly increase of 0.
1 US dollars / dry ton
.
(3) On October 23, the spot inventory of electrolytic copper in China's bonded zone was 416,000 tons, a weekly increase of 28,000 tons, reaching a new high
in the year.
Spot analysis: On October 26, spot 1# electrolytic copper was quoted at 51870-51970 yuan / ton, with an average price of 51920 yuan / ton, a daily drop of 270 yuan / ton
.
Yangtze River Nonferrous Metal reported that holders have the willingness to raise prices, downstream maintenance of just demand for less mining, long-term order demand weakened, and the overall transaction was flat
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 63,944 tons, an increase of 1,339 tons per day; On October 23, LME copper stocks were 180,300 tons, down 325 tons per day, and fell for 5 consecutive days
.
As of the week ended October 23, the previous period of Shanghai copper stocks reported 155506 tons, a weekly decrease of 2,041 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 76504 lots, a daily increase of 2469 lots, short positions were 68019 lots, a daily increase of 1012 lots, a net long position of 8485 lots, a daily increase of 1457 lots, both long and short increases, and net long increases
.
Market research and judgment: Shanghai copper 2012 opened high and low on October 26
.
European and American countries gradually entered the winter, the new crown epidemic broke out again, coupled with the difficult production of the US stimulus package, market risk sentiment was suppressed, and the US dollar index rebounded; At the same time, the domestic copper ore processing fee TC continued to rise slightly, the tight supply of copper ore showed signs of easing, and the smelter copper mine stock was positive, and it is expected that the refined copper production will gradually increase, and copper prices are facing greater pressure
.
However, the domestic economy remained stable and improving, and demand was still expected to pick up in the fourth quarter, coupled with the recent slight decline in copper inventories, which partially supported
copper prices.
Technically, the Shanghai copper 2012 contract trading shorts have a heavier atmosphere, focusing on the 20-day moving average support, and the short-term volatility is expected to be weak
.
