The main force of Shanghai copper is weak, and the market trading atmosphere is general

Market focus: (1) The Fed announced as scheduled to keep interest rates unchanged at 0%-0.
25%, but Fed Chairman Jerome Powell said that if economic progress continues, it may soon guarantee that the Fed begins to reduce QE
.
The gradual reduction of QE will end
in mid-2022.
(2) According to Mysteel data, on September 20, the spot inventory of electrolytic copper in the Chinese market was 110,300 tons, down 19,900 tons from the 9th and 12,200 tons
from the 13th.

Spot analysis: SMM spot 1# electrolytic copper quotation 68860-69260 yuan / ton, the average price is 69060 yuan / ton, a daily increase of 45 yuan / ton
.
Holders continue to focus on shipments, receiving bearish sentiment, just need to stock, the trading atmosphere is general, and the overall trading volume is acceptable
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 14,884 tons, a daily decrease of 1,824 tons, and a decrease of 4 consecutive days; LME copper stocks were 229725 tonnes, down 1,350 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2110 contract 63342, -7428, short positions 62934, -7359, net positions +408, -69, long and short are reduced, net long and long decrease
.

Market research: the Fed may complete tapering in the middle of next year, and hinted that it may raise interest rates faster than expected, generally leaning hawkish, boosting the dollar index; However, it is still necessary to pay attention to the performance of global economic growth, which is conducive to improving
risk sentiment.
Fundamentally, upstream copper mine inventories recorded a large increase, copper concentrate processing fees continued to rise, and raw material tension continued to improve; And the maintenance of domestic refineries is gradually overturned, and the output shows an increasing trend
.
However, the price spread of refined scrap is declining, and Malaysia may raise the import standard of scrap copper, or aggravate the tension of scrap copper, increasing the demand for refined copper substitution; Recently, domestic and foreign inventories have shown a downward trend, and copper prices are expected to fluctuate
.
Technically, the Shanghai copper 2110 contract is a 1-hour MACD green bar
.
Operationally, it is recommended to operate lightly in the range of 68300-69300, with a stop loss of 500
each.