Cable Raw Materials (Copper) Weekly Report (10.10-10.14)

Abroad, since the National Day, the dollar index has continued to rise, maintaining a relatively strong trend, behind the strengthening of the dollar is the market expectations of interest rate hikes in the United States this year, in addition, it is worth noting that the minutes of the September FOMC meeting released by the Federal Reserve this week show that several Fed officials believe that interest rate hikes will come soon, and Dudley, the third person in the Federal Reserve, said that if the economy strengthens, he hopes to raise interest rates
.
From the trend of the US dollar and copper prices, the recent strong US dollar has become an important force
to suppress copper prices.
Therefore, in the context of the recent US interest rate hike expectations, copper prices have insufficient
upward momentum.

Domestically, the official PMI remained stable in September, and the official manufacturing PMI remained above the boom-dry line at 50.
4
.
But foreign exchange reserve data did not perform well, with China's September reserves of $3,166.
38 billion, below expectations of $3,180 billion and the previous value of $3,185.
2 billion, the lowest since
May 2011.
The latest monthly import and export data were weak, with exports falling 10% year-on-year (in US dollars), the biggest drop since February
.
China's September imports fell 1.
9% year-on-year, also below expectations of 0.
6%.

In addition, it is worth noting that during the National Day period, many places introduced real estate market control policies to curb the overheating of real estate, and the signs of tightening domestic real estate regulation and control are becoming more and more obvious, and it can be expected that the regulatory effect will gradually appear over time, which will further suppress terminal demand
.
In general, there are signs of tightening in the domestic macro situation, which has a certain negative impact
on copper prices.