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On Monday, the main 2101 contract of Shanghai copper rushed back down, with the highest 57850 yuan / ton and the lowest 56960 yuan / ton within the day, and the closing price was 57030 yuan / ton, down 0.
73% from the closing price of the previous trading day; In the external market, LME copper fell back from a high level, and as of 15:00 Beijing time, the three-month London copper was reported at $7,714 / ton, down 0.
57%
on the day.
Market focus: (1) The number of new non-farm payrolls in the United States in November was 245,000, 469,000 expected, 610,000 in the previous month, and the unemployment rate fell to 6.
7%, 6.
8% expected, and 6.
9%
in the previous month.
(2) In November, imports of unwrought copper and copper products 561311 tons, down 9.
2% month-on-month and up 16.
2%
year-on-year.
(3) According to Mysteel data, China's electrolytic copper spot inventory on December 4 was 175,400 tons, down 09,000 tons from November 30; China's bonded zone electrolytic copper inventory was 436,000 tons, down 09,000 tons from Monday and 05,000 tons
from last Friday.
Spot analysis: On December 7, spot 1# electrolytic copper was quoted at 57250-57470 yuan / ton, with an average price of 57360 yuan / ton, a daily increase of 100 yuan / ton
.
Holders continue to hold prices, the market wait-and-see sentiment is strong, downstream just demand is the mainstay, and the transaction is light
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 27,920 tons on Monday, an increase of 204 tons per day; LME copper stocks stood at 149675 tonnes on 4 December, up 350 tonnes
per day.
As of the week ended December 4, the previous period of Shanghai copper stocks reported 97,783 tons, a weekly increase of 4,871 tons
.
Main positions: the top 20 long positions of Shanghai copper main 2101 contract are 72641 lots, minus 2400 lots per day, short positions are 79898 lots, daily minus 3592 lots, net short positions are 7257 lots, daily minus 1192 lots, long and short are reduced, and net space is reduced
.
Market research and judgment: On December 7, Shanghai copper 2101 rushed back down
.
The US non-farm payrolls data for November was significantly lower than expected, expectations of a new stimulus package heated up, and the dollar index fell; At the same time, the upstream domestic copper mine inventory has rebounded significantly, while the copper ore processing fee TC has remained low, making the production cost of the refinery high; And the arbitrage window is closed, so that the inflow of overseas goods has declined, which has supported copper prices
.
However, domestic smelting production has shown an upward trend, coupled with the recent rise in copper prices, downstream procurement fear of heights has increased, inventories have rebounded slightly, and copper prices are facing resistance
above.
Technically, the Shanghai copper 2101 contract reduced its position, and there was resistance above 58000, and it is expected that the short-term shock will adjust
.
