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On Monday, the main 2012 contract of Shanghai copper rose sharply, with the highest 53,800 yuan / ton and the lowest 52,110 yuan / ton during the day, and the closing price of 53,640 yuan / ton, up 2.
80% from the closing price of the previous trading day; As of 15:00 Beijing time, the three-month London copper was reported at $7156.
5 / ton, up 2.
24%
per day.
Market focus: (1) The new crown epidemic in the United States has accelerated to deteriorate, with a cumulative total of more than 11.
36 million confirmed cases, and the number of new daily cases is still expanding
.
(2) On November 15, the Regional Comprehensive Economic Partnership (RCEP) was signed
.
The member countries include the 10 ASEAN countries and China, Japan, South Korea, Australia and New Zealand, with a total population of 2.
27 billion, a GDP of 26 trillion US dollars, and a total export volume of 5.
2 trillion US dollars, all accounting for about 30% of
the global total.
Spot analysis: On November 16, spot 1# electrolytic copper was quoted at 52800-53800 yuan / ton, with an average price of 53300 yuan / ton, a daily increase of 1280 yuan / ton
.
Yangtze River Nonferrous Metal reported that the receiver just needed to receive the goods at a low price, the downstream buying was not high, a small amount of just needed to purchase, and the overall transaction was quiet
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 49,334 tons, an increase of 102 tons per day; On November 13, LME copper stocks were 165,200 tons, down 1,000 tons per day, down for seven consecutive days
.
As of the week of November 13, the previous Shanghai copper inventory reported 117949 tons, a weekly decrease of 13,372 tons, a decline of four consecutive weeks
.
Main positions: the top 20 long positions of Shanghai copper main 2012 contracts were 73930 lots, minus 262 lots per day, short positions were 73662 lots, a daily increase of 5841 lots, net long positions were 268 lots, daily decrease of 6103 lots, more short increases, net more decreases
.
Market research: Shanghai copper 2012 rose
sharply on November 16.
The US dollar index is under pressure due to the ongoing epidemic in the United States and the difficult birth of the fiscal stimulus plan, the market expects that the Federal Reserve may take measures in advance; The supply of upstream copper mines remained tight, copper processing fees TC remained low, and smelter production costs continued to be high; The recent improvement in downstream demand in the copper market has led to a continuous decline in inventories, and Shanghai copper inventories are now close to the low level in June; Coupled with the signing of the RCEP agreement, the market optimism has been boosted, and the upward movement of copper prices can be strengthened
.
However, the global pandemic situation continues to deteriorate, and the economic outlook remains risky; At the same time, domestic smelting production continued to rise, forming a resistance
to copper prices.
Technically, the Shanghai copper 2012 contract increased its position sharply, breaking through the volatility range since July, and it is expected to continue its strong short-term trend
.
