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On Tuesday, the main 2110 contract of Shanghai copper was adjusted to the shock, with the highest 70,600 yuan / ton and the lowest 69,750 yuan / ton within the day, and the closing price of 70,100 yuan / ton, down 0.
04% from the closing price of the previous trading day; LME copper opened high, as of 15:00 Beijing time, 3-month London copper was reported at $9525 / ton, up 1.
11%
on a daily basis.
Market focus: (1) Fed Mester said that the inflation standard for interest rate hikes has not yet been reached, there are upside risks to inflation, the Fed must maintain a high degree of coordination on this, and the US labor market has not yet reached the maximum
employment.
(2) China's official manufacturing PMI in August was 50.
1, 0.
3 percentage points lower than the previous month, and the expansion weakened
.
(3) According to Mysteel data, the spot inventory of electrolytic copper in the Chinese market on August 30 was 140,100 tons, down 002000 tons from the 23rd and 0410000 tons from the 30th
.
(4) Cerro Colorado copper miners will refuse BHP Billiton's contract, and the risk of a strike increases
again.
Spot analysis: SMM spot 1# electrolytic copper quotation 70160-70480 yuan / ton, the average price is 70320 yuan / ton, a daily increase of 220 yuan / ton
.
Most of the downstream purchases are just needed, the willingness of the receiver to reduce the price is strong, the trading parties are slightly deadlocked, and the overall transaction volume is relatively limited
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 24,978 tons, a daily decrease of 1,900 tons; LME copper stocks were 253,000 tonnes, down 1,250 tonnes
per day.
Main position: the top 20 long positions of Shanghai copper main 2110 contract 78276, +611, short positions 84469, +1363, net positions -6193, -752, long and short increased, net short increased
.
Market research and judgment: Fed Chairman Powell's speech in Jackson Hole was dovish, boosting market risk sentiment, and the dollar index came under pressure; China's August PMI data performed poorly, and the pressure of slowing economic growth increased, but the central bank's easing expectations increased
.
Fundamentals, copper concentrate spot processing fees have rebounded continuously, and raw material tensions have gradually eased, but the recent South American strike problem has once again caused supply concerns
.
The impact of domestic smelting maintenance and production reduction still exists, and the impact of power rationing factors has led to slow growth in refined copper production; And the downstream consumption off-season is not light, and the inventory continues to decline; Consumption is coming, demand is still expected to improve, and copper price support is strengthened
.
