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On Thursday, the main 2011 contract of Shanghai copper opened low and fluctuated, with the highest of 51430 yuan / ton and the lowest 51080 yuan / ton of the day, and the closing price of 51260 yuan / ton, down 0.
54% from the closing price of the previous trading day; In the external market, LME copper opened low and rebounded, as of 15:00 Beijing time, the three-month London copper was reported at 6714 US dollars / ton, down 0.
01%
on the day.
Market Focus: (1) U.
S.
Treasury Secretary Mnuchin said that there are still major differences on some topics in the stimulus talks, that progress will continue on some issues, and that reaching an agreement before the election will be difficult
.
(2) In September, China's CPI index rose 0.
2% month-on-month and 1.
7% year-on-year; The PPI rose 0.
1% month-on-month and fell 2.
1%
year-on-year.
Spot analysis: On October 15, spot 1# electrolytic copper was quoted at 51310-51420 yuan / ton, with an average price of 51365 yuan / ton, down 105 yuan / ton
per day.
The market demand for replenishment is gradually weakening, downstream on-demand procurement, traders are mainly
wait-and-see.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 67,599 tons on Thursday, a daily increase of 7,945 tons; On October 14, LME copper stocks were 169925 tonnes, up 16,725 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2011 contracts were 83857 lots, minus 64 lots per day, short positions were 69300 lots, daily minus 772 lots, net long positions were 14557 lots, daily increase of 708 lots, long and short were reduced, net long and long increased
.
Market research and judgment: Shanghai copper 2011 opened low on October 15
.
At present, the market is cautious about the introduction of the new crown vaccine and a new round of fiscal stimulus in the United States, and the dollar index is volatile
.
Upstream Chile's Candelaria copper mine held a strike, while the Escondida copper miners will also be at risk of strike, and supply-side disruptions have increased, supporting copper prices
.
However, the epidemic in Europe has rebounded, and the economic outlook is still under great pressure; In addition, the domestic gold season has failed, and the silver ten has not yet appeared, and the inventory of Shanghai and London has increased greatly recently, and copper prices lack upward momentum
.
Technically, the Shanghai copper 2011 contract position reduction trading is cautious, the mainstream short position reduction is large, and the short-term shock adjustment
is expected.
