Affected by macro uncertainty, copper prices tend to be more volatile

On Monday, Shanghai copper ran weakly, the intraday trend was weak, the main monthly 2212 contract opened at 62730 yuan / ton, and the daily close was 62060 yuan / ton, down 1410 yuan / ton, down 2.
22%.

Under the repeated influence of macro sentiment, the trend of non-ferrous metals generally fell, except for Shanghai lead, the decline was once widened, coupled with the domestic manufacturing PMI in October was less than expected, and spot supply eased, Shanghai copper weak closed lower
.

In terms of spot, on October 31, the trading price of Yangtze River spot 1# copper was 63850-63890 yuan / ton, down 750 yuan / ton; Premiums 370-410, down 90 yuan / ton
.
In the spot market, the holders adjusted the price and shipment, the downstream was still afraid of heights, the circulating supply was tense, the receiver just needed to buy, and the transaction performance was average
.

In terms of inventories, as of October 29, London Metal Exchange (LME) copper stocks decreased by 6,250 tons, or 5.
24%, to 113125 tons; As of October 28, the previous period of Shanghai copper stocks decreased by 26,126 tons to 63,440 tons, a decrease of 2,917%; As of October 231, the warehouse receipts of Shanghai copper futures in the previous period were 26,624 tons, a decrease of 1,458 tons
from the previous day.

On the supply side, domestic refined copper production in September was basically in line with expectations and rebounded
month-on-month.
Copper processing fees rose in the fourth quarter, hitting a multi-year high, and ICSG expects oversupply in the global copper market next year
.
At the same time, the domestic spot tradable source is loose, mainly benefiting from the delivery warehouse receipt and another wave of imported goods entering the market
.

On the demand side, market sentiment was generally pessimistic, with the domestic October PMI falling below expectations, weighing on the outlook for metal demand
.
And real estate continued to be weak demand performance is not good, downstream processing enterprise orders have declined
.
But fortunately, infrastructure, automobiles and photovoltaic sectors performed positively, supporting copper consumption
.

Overall, expectations of interest rate hikes continued to drive sentiment due to a stronger bearish atmosphere, and expectations of a slowdown in the Fed's December hike slightly cooled, which supported the dollar and Treasury yields
.
Coupled with the decline in the domestic industrial prosperity index in October, the epidemic continued to suppress market sentiment, and the spot tension pattern was looser than in the previous period, metal demand worries rose, and Shanghai copper was affected and weakened
.
Coupled with the impact of the sharp weakening of surrounding varieties, Shanghai copper short-term faced further downside risks, and closed at 62,000 yuan
within the day.