Brief review of Shanghai copper on October 21

From a fundamental point of view, copper concentrate imports in September were 2.
11 million tons, up 11.
93% month-on-month and down 1.
26%
year-on-year.
From January to September, the total was 17.
38 million tons, up 6.
11%
year-on-year.
On the consumption side, the sharp decline in daily copper prices attracted downstream bargain hunting, and the Shanghai copper premium rose
from the previous day.
South China copper liter discount fell
slightly.
In terms of inventory, the LME continued to destock yesterday, and SHFE destocked
slightly.
In terms of imports, the LME 0-3back structure has narrowed, but it is still at a high level, but buyers mostly maintain a wait-and-see attitude, and the overall transaction situation is cold
.

Affected by the low inventory of London copper, Shanghai copper continued to rebound overnight in early trading, but after noon, affected by the black series, the overall non-ferrous metal collectively went low, and Shanghai copper returned to near
the 72,800 pre-pressure level.
At present, the pressure of domestic economic growth in the second half of the year is greater, the supply and demand are weak under the influence of power cuts, it is difficult to bring trend momentum in the basic and macro economy, short-term copper prices are mainly affected by inventories and news, surrounding metals, and the fluctuation amplitude is large
.
It is expected that the fall of Shanghai copper in the night session will stabilize, and the first-line support buffer around 7.
26-7.
28 will be retested
.
In operation, refer to high throwing and low suction, and wait and
see.