A brief comment on SMM
With the adjustment of copper concussion in Shanghai today, under the danger of a surge in new crown pneumonia cases around the world, there was news that new crown vaccine research had made new progress. Last night, the good news stimulated the rise of copper in Shanghai. During the day, EU leaders reached a consensus on the economic rescue package, which also boosted market sentiment. Today, the main force of Shanghai copper opened at 51900 yuan / ton in the morning, and then fell slightly, around 51780 yuan / ton horizontal finishing. Bulls continue to increase positions to drive copper prices up slightly. However, the momentum of the rise is insufficient, and the market has declined somewhat. In early afternoon trading, Kongping mostly brought copper prices up slightly to intraday highs of 52040 yuan / ton. After falling about 50 yuan / ton, they fluctuated narrowly around 51910 yuan / ton. In late trading, they closed at 51870 yuan / ton, up 500 yuan / ton, or 0.97%. During the day, the number of positions in 09 contracts increased by 1014 to 113000, mainly by bulls, while trading volume increased by 55000 to 142000. 08 the contract day reduced positions by 3293 to 85000, mainly by short positions, while trading volume increased by 22000 to 131000.
Today, the closing of copper in Shanghai, KDJ opening has some convergence, below the 5, 10-day moving average adhesion bottom, the technical side of copper prices still have upward momentum. In the evening, wait for the outer disk guidelines to test whether Shanghai Copper can stand at the 52000 yuan / ton mark.
Today, the spot price of electrolytic copper in Shanghai is quoted at RMB130 / ton for the contract of that month, the transaction price of Pingshui copper is 51830 yuan / ton ~ 51990 yuan / ton, and the transaction price of Shengshui copper is 51870 yuan / ton ~ 52050 yuan / ton. The low level of copper in Shanghai rebounded around the daily average, which was blocked at 51950 yuan / tonne, and the morning market holder quoted a high price. Shunyan quoted a price as high as 70 yuan per ton for copper in flat water yesterday, and the price of good copper rose to more than 120 yuan per ton. The quotation of Pingshui copper is stable, but there are few waves in the quotation. The performance of the good copper market is still very different, ENM remains at about 80 yuan / ton, CCC-P maintains the range of 120 yuan / ton, the supply is scarce, Jinchuan board is basically rarely seen due to overhaul, the Guixi market is reported high to around 140 yuan / ton, wet copper follows the market upward quotation and remains stable at 30 yuan / ton. The market maintains a firm quotation, as the difference between the price of good copper and that of Pingshui copper becomes more obvious because of the shortage of good copper. the holder is still very high before delivery, but there will be an impact as the supply of delivery is about to flow out.
Today, the spot price of electrolytic copper in Guangdong province rose 40 per cent to that month's contract, with an average price down 10 yuan per ton, while wet copper offered a discount of 10 per cent, with an average price drop of 10 yuan per ton. The average price of electrolytic copper is 51865 yuan / ton, and the average price of wet copper is 51800 yuan / ton. Spot market: inventories decreased slightly, and some traders were willing to make up-price shipments in early trading. Flat copper was once quoted at 60 yuan / ton, but the degree of acceptance downstream was low. On the one hand, copper prices rose again. Downstream enterprises have reduced their own orders to catch up and replenish goods. On the other hand, the number of traders shipping today is also higher than yesterday, and there are more negotiable sources of goods. To sum up: today, the holder continues to reduce the rise of water for shipment, and the rise of water continues to decline within the day, but the transaction is still general. Finally, the mainstream transaction price of good copper is 80 yuan / ton, the mainstream transaction price of flat copper is 30 yuan / ton, and the mainstream transaction price of wet copper is 0 yuan / ton.
Today's warehouse receipt quotation is $102 / ton, the average price is $2 / ton lower than the previous day, and the bill of lading price is $77 / ton, which is $2.50 / ton lower than the previous day, QP August. LME0-3 has a premium of US $6.75 / ton and an import loss of around 350RMB / ton.
Trading in the imported copper market remained light today. Import price ratio to maintain a large loss, a direct blow to market demand. The price-up sentiment of the sellers has eased somewhat, and some traders have lowered their quotations. At present, the mainstream fire price is about US $87 / ton at the end of July, while the wet bill of lading price has slipped to less than US $80 / ton. However, the buying power is weak, most of the performance is to stop and wait and see, a small amount of counter-offer price is very low, there is still a large psychological expected price gap between buyers and sellers, the overall transaction performance is light, and a small number of low-price shipments still drive the premium down.
At present, the transaction price of fire good copper warehouse receipt is around US $102 / ton, mainstream fire method is US $97 / ton, wet method is 90 yuan / ton, good copper bill of lading is US $90 / ton, mainstream fire bill of lading is US $85 / ton, and wet method is US $77 / ton.
Today's LME copper inventory of 146300 tons, a decrease of 4775 tons, or 3.16%, compared with the previous trading day.
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