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On Wednesday, the main 2012 contract of Shanghai copper rebounded at a low level, with a maximum of 52030 yuan / ton, a minimum of 51410 yuan / ton, and a closing price of 51960 yuan / ton, up 0.
72% from the previous trading day's closing price; In the external market, LME copper opened low and upward, as of 15:00 Beijing time, 3-month London copper was reported at 6952.
5 US dollars / ton, down 0.
13%
on the day.
Market focus: (1) The cumulative number of confirmed cases in the United States exceeds 10.
55 million, with more than 133,000 new cases in a single day, and American infectious disease expert Fauci said that the first vaccinations may take place
in late November or December.
(2) EU negotiators reached agreement on the EU's long-term spending plan, moving closer to finalizing the landmark €1.
8 trillion ($2 trillion) budget and stimulus deal
.
Spot analysis: On November 11, the spot 1# electrolytic copper quotation was 51900-52050 yuan / ton, the average price was 51975 yuan / ton, down 230 yuan / ton
daily.
Yangtze River Nonferrous Metal reported that traders were cautious, and downstream just needed to purchase, and the overall transaction was average
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 51,896 tons on Wednesday, a daily decrease of 1,422 tons, down 11 consecutive days; On November 10, LME copper stocks were 169575 tons, down 1,550 tons per day, falling for four consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 72656 lots, minus 981 lots per day, short positions were 65921 lots, a daily increase of 7 lots, net long positions were 6735 lots, daily minus 988 lots, more short increases, net more decreases
.
Market research and judgment: Shanghai copper 2012 low recovery
on November 11.
The worsening of the epidemic in the United States, the expectation of vaccine deployment boosted market risk sentiment, and the progress of the EU stimulus package made the dollar index weak.
At the same time, the supply of upstream copper mines remained tight, copper ore processing fees TC were further reduced, and smelter production costs continued to be high; The domestic import window continued to close, the inflow of overseas copper into the bonded zone increased, and the inventory of Shanghai and Lun showed a decline, which supported copper prices
.
However, the domestic smelter has basically completed the preparation of materials, and the impulse willingness at the end of the year is high, and it is expected that refined copper production will continue to rise, limiting the upward momentum
of copper prices.
Technically, the mainstream long position reduction of the Shanghai copper 2012 contract is large, focusing on the resistance at the 52400 position, and it is expected that the short-term shock adjustment
.
