Tight supply supports copper prices The overall market transaction is average

On Thursday, the Shanghai copper main 2111 contract fell back to the high, the highest of 74960 yuan / ton, the lowest 72510 yuan / ton, the closing price of 72890 yuan / ton, down 1.
02% from the previous trading day's closing price; LME copper fluctuated down, as of 15:00 Beijing time, 3-month London copper was reported at $9974 / ton, down 2.
31%
on the day.

Market Focus: (1) The Fed's Beige Book survey reported that economic activity is growing
at a moderate to moderate pace.
Prices rose
significantly in most regions, driven by rising demand for commodities and raw materials.
Overall, the near-term outlook for economic activity remains positive, but some regions point to increased uncertainty and optimism is more cautious
than in previous months, the report said.
(2) According to data from the Bureau of Statistics, refined copper production in September was 885,000 tons, an increase of 2.
4%
year-on-year.

Spot analysis: SMM spot 1# electrolytic copper quotation 74940-75420 yuan / ton, the average price is 75180 yuan / ton, a daily increase of 1720 yuan / ton
.
The holder sells the goods at a high price, the receiver is bullish and stops, the sentiment of receiving goods at a low price continues, the buying is general, and the overall transaction is average
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts in Shanghai was 11,509 tons, a daily decrease of 399 tons; LME copper stocks were 165925 tons, down 6,100 tons per day, down for 17 consecutive days
.

Main positions: the top 20 long positions of Shanghai copper main 2111 contract 84218, -4171, short positions 77239, -7108, net positions +6979, +2527, long and short decrease, net increase
.

Market Analysis: The Fed's Beige Book shows that the outlook for near-term economic activity remains positive, but uncertainty has increased
in some regions.
The overall sentiment was more cautious, making the US index fall again, giving some support
to the metal.
Fundamentals, upstream copper ore processing fees continue to rise, superimposed on the price of sulfuric acid is higher, domestic refiners are more willing to schedule production under high profits; However, domestic power cuts and tightening crude copper supply, and limited refinery operating rates, led to the production of refined copper basically flat
.
At the same time, domestic inventories remained low, foreign countries maintained destocking, and LME0-3 liters of water rose sharply, indicating tight spot supply and supporting
copper prices.