November 26 Shanghai copper brief commentary

From a fundamental point of view, the State Grid Infrastructure high-voltage line project has recently placed dense orders, and the delivery time is tight, it is reported that part of the delivery has been concentrated in mid-November, and most of the remaining delivery time is concentrated in mid-to-late December
.
In the context of the recent decline in spot premiums, large cable companies are expected to enter a relatively intensive procurement period, and drive out the orders for centralized delivery of the State Grid before the end of the year, which will boost copper consumption
to a certain extent.

In terms of inventory, LME copper stocks slightly accumulated 375 tons to 82,600 tons, registered warehouse receipts maintained at 76%, and the proportion of cancelled warehouse receipts remained 24%; SHFE copper silo decreased by 101 tonnes to 12,112 tonnes
.
In terms of imports, the foreign trade market continued to be light, and the latest data of LME0-3 liter discount is 60 US dollars / ton
.

In the afternoon, thermal coal accelerated to the limit, the market bearish atmosphere was strong, and non-ferrous metals generally declined
.
Recent hot spots, electrolytic copper premium in the East China market after a new high of 2,500 yuan last week, this week's stampede pullback to around 300 yuan, mainly because of downstream fear of heights and increased supply of goods, which has a bearish impact
on copper prices.
The night session is expected to continue to be weak, and the Shanghai copper support level focuses on the 70,000 mark, and the operation is upstream and downstream, waiting for the stock to stabilize
.