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On Monday, Shanghai copper opened high and fell, weak shock during the day, the main month 2212 contract opened at 67670 yuan / ton, and the daily close was 67010 yuan / ton, down 590 yuan / ton, down 0.
87%.
In terms of spot, on November 14, the trading price of Yangtze River spot 1# copper was 67910-67950 yuan / ton, down 780 yuan / ton; Liter 40-liter 80, up 20 yuan / ton
.
In the spot market, the circulating supply is limited, the holders have no willingness to adjust prices, the overall demand of the receivers is limited, and the trading situation is average
.
In terms of inventories, as of November 11, copper stocks on the London Metal Exchange (LME) decreased by 2,150 tons, or 2.
69%, to 77,875 tons; As of November 11, the weekly Shanghai copper inventory in the previous period increased by 17,112 tons to 76,176 tons, an increase of 28.
97%, an increase of nearly 30%, and the weekly but overall inventory level was still not high; As of November 14, the warehouse receipt of Shanghai copper futures in the previous period was 49,433 tons, an increase of 17,186 tons
from the previous day.
On the supply side, production in October was high, but the supply increment was limited; Copper concentrate supply is abundant, the smelting end processing fee index is rising steadily, and the smelting profit is stable and improving, which has promoted the year-end production plan of some electrolytic copper smelting enterprises, but there are also some smelters have rough refining maintenance plans, and the current cold material supply continues to be prohibited, resulting in a decline in electrolytic copper production, coupled with the slow landing of new production capacity, it is expected that the output of electrolytic copper in November will be about 903,000 tons, less than expected; the global low inventory pattern continues, London copper stocks have fallen to the low level in the past 8 months, although Shanghai copper stocks have increased by nearly 30%, but the inventory level is still not high
。
In terms of demand, the demand side is still weak, the copper operating rate is not as good as in previous years, and the weather turns cold after some engineering project orders cooling, coupled with the recent spread of the epidemic, the demand for processing enterprises has decreased, of which Guangdong, Hebei and other places continue to be severe, it is reported that this week Hebei Ningjin area due to the epidemic in a state of silence, cable end demand for fine copper rods continued to decline
.
In addition, high copper prices have also caused the downstream wait-and-see mood to rise again, and the pace of ordering under a cautious attitude has slowed down, which has directly inhibited
consumption.
Overall, the macro atmosphere was warm and supported by low inventories, Shanghai copper rebounded significantly, but the domestic October PMI data was lower than expected to limit copper price gains, coupled with the LME decision not to ban Russian metals, and weak demand suppressed prices, short-term Shanghai copper closed slightly lower
.
