The main force of Shanghai copper fluctuated and fell, and still lacked upward momentum

Market focus: (1) At 02:00 Beijing time on Thursday, the US FOMC will announce its interest rate decision, followed by a press conference by the Fed's Powell, and the market expects the Fed to continue to reiterate its ultra-loose stance
.
(2) The Republic of Congo, Africa's largest copper producer, is expected to see copper production fall by 3.
5% in 2020, well below the previously expected 18% decline, as supply shocks from the pandemic slow.

Spot analysis: On September 16, spot 1# electrolytic copper was quoted at 51800-51980 yuan / ton, with an average price of 51890 yuan / ton, down 260 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that low-priced goods are difficult to find, traders have limited circulation, downstream consumption is sluggish, and the overall transaction is
deadlocked.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 74,471 tons on Wednesday, a daily increase of 2,028 tons, an increase of 8 consecutive days; On 15 September, LME copper stocks stood at 78,550 tonnes, up 3,675 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2010 contracts were 77557 lots, minus 2712 lots per day, short positions were 68467 lots, daily minus 5114 lots, net long positions were 9090 lots, daily increase of 2402 lots, long and short were reduced, net long increased
.

Market research and judgment: Shanghai copper 2010 volatility fell
on September 16.
U.
S.
industrial production data for August were optimistic, and U.
S.
indexes rebounded low, although the Fed is about to announce its policy decision, and dovish expectations remain under
pressure.
Upstream copper supply is gradually recovering, and China's smelting production is gradually increasing, but copper processing fees TC are still at a low level, making smelting costs still high
.
Lun copper inventory has increased significantly, inventory dematerialization has shown signs of slowdown, coupled with the lack of improvement in domestic market demand, copper enterprise operating rate continued to decline month-on-month, peak season is not strong phenomenon is obvious, Shanghai copper inventory maintained the accumulation trend, copper prices still lack upward momentum
.
Technically, the Shanghai Copper 2010 contract is cautious in trading and maintaining range-bound, and it is expected to fluctuate
in a wide short-term range.