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Shanghai copper soared higher in the morning on Thursday, with futures reaching a maximum of 67,230 yuan, continuing to update a more than four-month high and closing up 0 85%.
Macro pressure is limited, supply-side news is more, copper prices continue to be strong and volatile, but it is necessary to pay attention to the performance of US inflation and the mid-term elections in the evening
.
Due to the obvious recovery of the unemployment rate in the US non-farm payrolls data, the recent market expectations for the Fed's December interest rate hike slowdown have heated up, the dollar index has fallen sharply from the previous period, the peripheral market sentiment is still warm, providing a hotbed for some metals to rise, the upcoming US inflation data in the evening is worth paying attention to, and the data performance may affect investors' judgment
on the Fed's follow-up.
On the macro front, there is uncertainty
in the uncertain situation in the US mid-term elections and the release of US inflation data in the evening.
However, from the perspective of the extended cycle, the macro pressure at home and abroad has shown signs of
easing.
In terms of the market, Shanghai Metal Network 1# electrolytic copper quotation 67280-67520 yuan / ton, the average price of 67400 yuan / ton, up 600 yuan / ton from the previous trading day, the Shanghai copper 2211 contract 50 discount 30 yuan / ton
.
The spot market transaction is average, and the premium is up 50 yuan / ton
from the previous day.
Copper prices are strong, downstream consumption is still weak, the intraday market reports are not much, the discount continues to narrow compared with the previous day, the intensive period flat water copper sticker about 50 yuan, good copper sticker about 40 yuan transaction is relatively more, after the second period of the premium continued to rise slightly, but the transaction volume shrank
significantly.
Previously, Codelco raised the copper premium for long-term orders sent to European customers next year, and recently raised the long-term premium for Chinese customers to $140, which attracted more market attention and boosted copper market sentiment
.
In addition, survey data showed that China's refined copper production in October was less than expected
.
Coupled with the continuous decline of LME copper stocks, Shanghai copper warehouse receipt inventories have climbed but not much
.
Although downstream demand is still flat under the background of high copper prices, on the whole, the recent copper market has more positive news, superimposed macro pressure is not large, and the futures price is strong
.
