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Copper market review, the last trading day Shanghai copper main Cu2011 volatility weakened, the lowest was 51340, the highest was 51870, closed at 51360, closed down 0.
31%; Narrow range fluctuations
during the night.
LME copper was dominated by volatility, closing at 6686, closing down 0.
77%.
Fundamental news, the average price of Shanghai Nonferrous Metal Network 1# electrolytic copper in the last trading day was 51540, down 40, spot premium 195, premium expanded by 20
.
Copper stocks in the previous session fell by 776 tonnes to 60,500 tonnes, while LME copper stocks increased by 225 tonnes
.
China's imports of unwrought copper and copper products in September were 722,000 tons, up 60% year-on-year and 8%
month-on-month.
On the macro front, the IMF forecasts that the world economy will shrink by 4.
4 percent this year, up 0.
8 percentage points from its June forecast, and that China will be the only major economy to maintain positive growth
.
The three major U.
S.
stock indexes fell collectively, and the dollar index rebounded
sharply.
China's exports (in US dollars) rose 9.
9% in September vs 9.
5% in the previous month.
Imports rose 13.
2% compared with a 2.
1%
decline in the previous month.
In September, vehicle production totaled 2.
524 million units, up 19.
1% m/m, and sales totaled 2.
565 million units, up 17.
4%
m/m.
Overall, bullish and bearish factors are not prominent, the recent copper price is mainly disturbed by the trend of the US dollar index, today Shanghai copper or continue to fluctuate, Cu2011 reference range: 50800-51600, wait and see is appropriate, or high sell low absorption
.
