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Shanghai copper opened higher today, and the latest opening price of the Shanghai copper 2110 contract was 73480, up 1140
.
Copper inventories at home and abroad continue to fall, the global power crisis may be difficult to improve in the short term, supply shortage worries continue to heat up, domestic copper processing fees are high, merchants are holding prices, Shanghai copper today remains strong, spot copper is expected to continue to rise
.
On the macro front, initial jobless claims in the United States for the week ended Oct.
9 were 293,000, lower than expected and below 300,000
for the first time since March last year.
It reflects that the employment situation in the United States has improved
to a certain extent in the context of the policy stimulus of unemployment benefits and the supply chain crisis and "labor shortage" in the United States, and the obvious recovery of demand for workers by American enterprises.
The US PPI rose 8.
6% year-on-year in September, slightly below market expectations of 8.
7%, and continued to climb from 8.
3% in the previous month, reaching the highest level
since November 2010.
Domestically, in September, the PPI rose 10.
7% year-on-year, an increase of 1.
2 percentage points
over the previous month.
CPI rose year-on-year and flattened
month-on-month.
There are three main reasons for high PPI, the first is the tight supply and demand of coal, the second is the rise in crude oil prices and the price rise under the background of dual control of energy consumption, and the third is the promotion
of the four major energy-consuming industries of nonferrous metals, cement, chemical industry and ferrous metals.
From a fundamental point of view, with the rise of copper prices, the fine waste price difference continues to expand, the mainstream area bright copper fine waste difference from 740 yuan / ton before the holiday to the current 2183 yuan / ton, expanding 1443 yuan / ton, above the reasonable price difference, the expansion of scrap copper economy or will reverse the substitution effect of some refined copper on copper scrap, to a certain extent alleviate the tight supply of electrolytic copper
.
On the consumer side, the price of Shanghai copper rose sharply yesterday, the spot market was in a wait-and-see attitude, there were few buys, and the Shanghai copper discount fell to the average price discount
.
South China's copper premium was affected by the continuous decline in Guangdong inventories, unchanged
from the previous day.
In terms of inventory, both the LME and SHFE went to stock
yesterday.
In terms of imports, the early import window was opened, and the bonded in Shanghai and Guangdong continued to go to storage
.
Recently, due to the strong back structure of the LME and the deterioration of the price ratio, the foreign trade market transaction performance is dismal
.
Overall, a combination of factors has driven copper prices sharply, and as the energy crisis may worsen further, it is recommended to be cautiously bullish on copper prices at this time
.
