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On Monday, the main 2110 contract of Shanghai copper rose in shock, with the highest 69,770 yuan / ton and the lowest 69,050 yuan / ton during the day, and the closing price was 69,510 yuan / ton, up 0.
61% from the previous trading day's closing price; LME copper fluctuated down, as of 15:00 Beijing time, the three-month London copper was reported at $9438.
5 / ton, down 0.
33%
on the day.
Market focus: (1) The number of new jobs in the US non-farm sector in August was 235,000, significantly lower than the market expectation of 740,000, while the number of new jobs in July was revised up from 943,000 to 1.
053 million
.
(2) On September 3, China's copper ore processing fee TC was 61.
9 US dollars / dry ton, up 0.
4 US dollars / dry ton
from last week.
(3) The Lumina union at the Caserones mine in Chile, owned by JXNippon Mining & Metals, signed a wage agreement to end the strike, and in 2020, the mine produced 100,000 tons of copper concentrate and 20,000
tons of copper cathode.
Spot analysis: SMM spot 1# electrolytic copper quotation 69650-69850 yuan / ton, the average price is 69750 yuan / ton, a daily increase of 255 yuan / ton
.
Yangtze River Nonferrous Metal Network reported that the cargo holder adjusted the price of shipments, the receiving party was in a strong mood of price reduction, and the downstream was afraid of heights, the trading activity declined, and the transaction declined
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 23,128 tons, a daily decrease of 1,025 tons, and a decrease of 6 consecutive days; LME copper stocks were 250,700 tons, down 1,525 tons per day, down for six consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2110 contract 72932, -623, short positions 81822, -790, net positions -8890, +167, long and short are reduced, net space is reduced
.
Market research and judgment: The US non-farm payrolls data is far less than expected, indicating a slowdown in employment recovery, coupled with the current continuous spread of the epidemic in the United States, the pace of the Fed's balance sheet reduction is expected to slow down, and the US dollar index is under pressure
.
Fundamentals, copper concentrate spot processing fees continued to rise, Chile's copper production in July was not greatly affected by the epidemic, and the raw material tension gradually eased
.
However, the impact of domestic smelting maintenance and production reduction still exists, and the growth of refined copper production is slow; The downstream procurement atmosphere is better, domestic inventories continue to decline, and the peak demand season in the future market is coming, supporting the strong operation
of copper prices.
