Shanghai copper market picked up slightly, and the supply and demand side still supported

Shanghai copper opened low on Tuesday and rebounded, the market picked up slightly during the day, the main month 2210 contract opened at 62020 yuan / ton, and the daily close was 62600 yuan / ton, up 30 yuan / ton, or 0.
05%.

The interest rate decision of many central banks around the world hit, and market caution increased, but the supply and demand side of Shanghai copper was still supported, and Shanghai copper closed within the day
.

In terms of spot, on September 20, the trading price of Yangtze River spot 1# copper was 63430-63470 yuan / ton, down 210 yuan / ton; Premiums 820-liters 860, down 90 yuan / ton
.
In the spot market, the holder quoted the price, the receiver was afraid of the high, the bargain was made up, the overall transaction was poor, and the overall transaction was limited
.

In terms of inventories, as of September 20, London Metal Exchange (LME) copper stocks increased by 2,075 tons, or 1.
97%, to 107,150 tons; As of September 20, the previous copper futures warehouse receipt was 8,549 tons, down 552 tons
from the previous day.

On the supply side, overseas mine disruption and smelting supply production reduction (Escondida strike risk), but the overall supply disturbance did not continue to ferment; Inventories in London and Shanghai remain at low levels; The profit window for imported copper is closed, the impact of the typhoon, the monthly difference is widening, and the short-term market supply is still tight
.

In terms of demand, the domestic downstream copper operating rate in August improved slightly month-on-month, but the year-on-year gap was about 30%, real estate has not improved for the time being, but the amount of copper used in new energy vehicles has increased significantly, the growth rate of infrastructure has broadened, the potential demand for copper in the peak season is still there, and when the "Golden Nine Silver Ten" peak season is expected, household appliance consumption is expected to be further released
.

Overall, before the Fed's interest rate hike decision, the overall market sentiment was still cautious, and the macro end was bearish
.
However, the recent two-way support of copper supply and demand, and the Chinese government has accelerated the introduction of policy measures to promote consumption recovery, support market risk sentiment, and futures prices are generally strong
.