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On Wednesday, the main 2012 contract of Shanghai copper opened high, with the highest 52530 yuan / ton and the lowest 51710 yuan / ton within the day, and the closing price was 52250 yuan / ton, up 1.
65% from the previous trading day's closing price; In the external market, LME copper continued to rise, as of 15:00 Beijing time, the three-month London copper was reported at 6969 US dollars / ton, up 0.
92%
per day.
Market focus: (1) U.
S.
House Speaker Nancy Pelosi said there is hope that an agreement on the stimulus package is crucial, which is crucial
to pass the relevant factors before the election.
(2) As winter approaches in the Northern Hemisphere, the number of new cases in Europe in a single week is nearly three times
higher than at the peak of the first outbreak in March.
(3) According to data from the National Bureau of Statistics, China's 9 refined copper production increased by 10.
3% year-on-year to 909,000 tons, and the cumulative output from January to September increased by 5.
8% year-on-year to 7.
449 million tons
.
Spot analysis: On October 21, spot 1# electrolytic copper was quoted at 52200-52290 yuan / ton, with an average price of 52245 yuan / ton, a daily increase of 805 yuan / ton
.
Yangtze River Nonferrous Metal reported that traders actively shipped, low-priced goods became smooth exchanges, downstream on-demand pick-ups, supply and demand remained deadlocked
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 64,830 tons on Wednesday, a daily decrease of 1,922 tons; On 20 October, LME copper stocks were 183175 tonnes, down 725 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 73293 lots, an increase of 8126 lots per day, short positions were 61626 lots, a daily increase of 3705 lots, net long positions were 11667 lots, a daily increase of 4421 lots, both long and short increases, and net long increases
.
U.
S.
House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin were close to reaching an agreement on a stimulus package, and negotiations will continue on Wednesday, and the dollar index fell
sharply.
In September, the operating rate of domestic copper companies rebounded, and after the holiday, the market procurement sentiment heated up, spot premiums rose, demand showed signs of recovery, and copper prices could be strengthened
.
However, upstream copper mine supply has gradually recovered, and copper mine TC has recently rebounded slightly; Coupled with the rebound of the epidemic in Europe, the economic outlook is still under greater pressure, and the recent sharp increase in London copper stocks has limited the space
above copper prices.
Technically, the Shanghai copper 2012 contract increased sharply, and the mainstream bulls increased their positions significantly, and it is expected to be strong in the short term
.
