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On Tuesday, the main 2011 contract of Shanghai copper fluctuated and fell, with the highest 51450 yuan / ton and the lowest 50840 yuan / ton during the day, and the closing price of 50940 yuan / ton, down 0.
55% from the closing price of the previous trading day; In the external market, LME copper opened high and fell, as of 15:00 Beijing time, the three-month London copper was reported at 6586 US dollars / ton, down 0.
14%
on the day.
Market Focus: (1) The EU said it would not abandon trade talks with Johnson's policies even if Britain did not reverse its plans against international law, but reiterated its threat
of legal action.
(2) CSPT Group finalized copper concentrate TC/RC flooring prices of $58/mt and 5.
8 cents/lb in the fourth quarter, up $5/mt and 0.
5 cents/lb
from the third quarter.
Spot analysis: On September 29, spot 1# electrolytic copper was quoted at 51020-51220 yuan / ton, with an average price of 51120 yuan / ton, a daily increase of 140 yuan / ton
.
Changjiang Nonferrous Metal reported that merchants continued to clear warehouses, downstream procurement and stocking, and the overall transaction performance was acceptable
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 52,860 tons on Tuesday, a daily decrease of 256 tons, a decline of 7 consecutive days; On 28 September, LME copper stocks stood at 103125 tonnes, up 29,500 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2011 contracts were 81805 lots, a daily increase of 18 lots, short positions were 68128 lots, a daily decrease of 49 lots, a net long position of 13677 lots, a daily increase of 67 lots, more increase and short decrease, net more increase
.
Market research and judgment: Shanghai copper 2011 volatility fell
on September 29.
Negotiations on an agreement between the UK and the EU are expected to make a breakthrough, as the dollar index retreats
due to concessions from the EU and a stronger euro.
The upstream copper mine supply is gradually recovering, the CSPT team finalized the fourth quarter copper ore processing fee TC increased by 5 US dollars / ton, China's smelting production is also gradually increasing, but the copper processing fee TC is still at a low level, and the supply of scrap copper is tight, so that the smelting cost is still high
.
Due to the rebound of the overseas epidemic, weakening demand, coupled with the expansion of China's import losses, some sources of goods have flowed overseas, resulting in a sharp recovery in copper inventories, and the upward movement of copper prices is weak
.
Technically, the Shanghai copper 2011 contract contraction and position reduction trading is cautious, focusing on the resistance at the 51400 position, and it is expected that the short-term shock adjustment
.
