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On Thursday, the main 2011 contract of Shanghai copper continued to fall, with the highest 51390 yuan / ton and the lowest 50430 yuan / ton within the day, and the closing price of 50640 yuan / ton, down 1.
59% from the closing price of the previous trading day; In the external market, LME copper opened low, as of 15:00 Beijing time, 3-month London copper was reported at 6538 US dollars / ton, down 0.
87%
on the day.
Market Focus: (1) Fed Vice Chairman Clarida said Wednesday that policymakers "won't even start considering" raising interest rates
until inflation reaches 2 percent.
(2) Brexit negotiations resumed, the UK expressed confidence that a trade deal could be signed, and the EU expressed its determination to reach an agreement
.
Spot analysis: On September 24, spot 1# electrolytic copper was quoted at 50620-50820 yuan / ton, with an average price of 50720 yuan / ton, a daily drop of 905 yuan / ton
.
Yangtze River Nonferrous Metal reported that cargo holders tested prices in the morning, traders shipped a large number of goods, and downstream consumption improved
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 61,522 tons on Thursday, a daily decrease of 2,357 tons, a decline of 4 consecutive days; On September 23, LME copper stocks stood at 77,275 tonnes, down 1,025 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2011 contracts were 80632 lots, a daily increase of 6160 lots, short positions were 69062 lots, a daily increase of 2105 lots, a net long position of 11570 lots, a daily increase of 4055 lots, both long and short increases, and net long increases
.
Market research and judgment: Shanghai copper 2011 volatility continued to fall
on September 24.
The lack of clarity in recent speeches by Fed officials has boosted demand for the US dollar, and the US dollar index has continued to be strong
due to the rebound in Europe, which has weighed on the euro.
The upstream copper mine supply is gradually recovering, and China's smelting output is gradually increasing, but the copper processing fee TC is still at a low level, making the smelting cost still high
.
Recently, the inventories of the two markets have declined, coupled with the expansion of import losses, some sources of goods have flowed overseas, and the decline in Shanghai copper stocks has been even greater
.
However, the lack of improvement in domestic market demand, the operating rate of copper enterprises continued to decline month-on-month, and the phenomenon of low peak season was obvious, which put pressure
on copper prices.
Technically, the Shanghai Copper 2011 contract increased its position below the lower edge of the range, and the mainstream bulls increased their positions more, and it is expected that the short-term will stop falling and fluctuate
.
