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On Wednesday, Shanghai copper rushed back down, the intraday decline narrowed, the main month 2212 contract opened at 62510 yuan / ton, the daily close at 62750 yuan / ton, down 220 yuan / ton, down 0.
35%.
The global economic growth outlook is worrying, market sentiment has been set, further suppressing the trend of copper prices, while domestic copper fundamentals are lackluster, copper prices are highly uncertain, and Shanghai copper continued to close lower
during the day.
In terms of spot, on October 26, the trading price of Yangtze River spot 1# copper was 64060-64100 yuan / ton, down 340 yuan / ton; Premiums 310-Premiums 350, down 280 yuan / ton
.
In the spot market, the recent spot circulation by the impact of imported copper appears loose, the holders adjust the price and sell the goods, the downstream enterprises take the goods sentiment is general, continue to fear the heights, the transaction performance is light
.
In terms of inventories, as of October 26, London Metal Exchange (LME) copper stocks decreased by 3,600 tons, or 2.
68%, to 130,800 tons; As of October 26, the warehouse receipt of Shanghai copper futures in the previous period was 37,855 tons, down 4,025 tons
from the previous day.
On the supply side, in the week of October 21, domestic electrolytic copper production was 196,800 tons, an increase of 01,200 tons
from the previous month.
Recently, the disturbance at the mine end has decreased, refinery maintenance has been gradually completed, and smelting capacity has increased
slightly.
Inventories in East China are slightly loose, the import window is open, and the concentrated arrival of imported copper in late September has pushed imports up, and the market dumpers have increased, increasing supply pressure
.
In terms of demand, the downstream consideration of the demand for stocking is not large, while the peak season of gold, silver and silver is not as expected, and the increase in consumption is limited
.
Coupled with the impact of the epidemic, downstream enterprises chose to wait and see not to rush to purchase replenishment, and the downstream operating rate declined, and the consumption of real estate and its home appliances still showed a weakening trend
.
However, the pace of infrastructure investment will not slow down, and grid investment will continue to benefit, driving copper demand growth
.
Taken together, dismal U.
S.
economic data stoked speculation that the Federal Reserve would slow down interest rate hikes, the dollar fell to a near three-week low, and risk sentiment improved, but expectations of a slowdown in the global economic outlook weighed on copper prices
.
According to the World Bank, China's economy is resilient and dynamic, attracting worldwide attention, contributing more to world economic growth than the G7 combined
.
And domestic policies continue to make efforts, infrastructure is developing steadily, and new energy and grid investment continue to benefit, driving copper consumption
.
However, the overall supply and demand side changes are limited, downstream consumption is difficult to improve, coupled with the concentrated influx of imported copper, holders actively reduce prices and sell, and the trend of stepwise decline in water rise, so copper prices are difficult to have bright performance
in the short term.
