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On Tuesday, the main 2111 contract of Shanghai copper rushed back down, with the highest 71140 yuan / ton and the lowest 69400 yuan / ton during the day, and the closing price of 69680 yuan / ton, down 0.
83% from the closing price of the previous trading day; LME copper fell under pressure, as of 15:00 Beijing time, 3-month London copper was reported at $9403 / ton, down 1.
34%
on a daily basis.
Market focus: (1) The surge in international energy prices has prompted investors to seek safe-haven assets, coupled with market expectations that the Federal Reserve will announce a tapering of bond purchases next month, and the attractiveness of the US dollar has increased
.
(2) According to Mysteel data, the spot inventory of electrolytic copper in the Chinese market on October 11 was 93,800 tons, an increase of 14,300 tons from the 30th and 014000 tons
from the 8th.
Spot analysis: SMM spot 1# electrolytic copper quotation 70100-70670 yuan / ton, the average price is 70385 yuan / ton, daily increase of 460 yuan / ton
.
Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts during the day was 10,034 tons, unchanged; LME copper stocks were 195,250 tons, down 2,400 tons per day, down for 10 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2111 contract 89187, +4449, short positions 94069, -251, net positions -4882, +4700, long increase and decrease, net space reduction
.
Market analysis: The Fed is expected to reduce bond purchases next month, coupled with tightening energy supply and soaring prices, causing the market to increase its holdings of US dollars in search of safety, which strengthens the US dollar index
.
Fundamentals, the labor problem of upstream South American copper mines eased, the supply grew steadily, copper concentrate processing fees continued to rise, and raw material tension continued to improve
.
Domestic refineries have a high willingness to schedule production under high profits, and the impact of power curtailment on the smelting end is small, and the output shows an increasing trend; The power rationing has a greater impact on downstream processing enterprises, and demand is dragged
down.
However, in the near future, the trend of destocking is still maintained at home and abroad, and the low level of inventory has supported copper prices, but the upward momentum is still weak
.
