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In the previous trading day, the main copper Cu2011 in Shanghai fluctuated in a narrow range, the lowest was 51080, the highest was 51430, and it closed at 51260, closing down 0.
54%; The night session opened low and went higher, rebounding as high as 51770
.
LME copper ended the day higher, closing at 6779, up 0.
96%.
In the last trading day, the average price of Shanghai Nonferrous Metal Network 1# electrolytic copper was 51365, down 105, spot premium 230, premium expanded by 40
.
Copper stocks in the previous session increased by 7,945 tonnes to 67,600 tonnes, while LME copper stocks decreased by 1,050 tonnes
.
Recently, the spot premium of refined copper has risen slightly, and there may be a tight phenomenon on the spot supply side, which has certain support
for the futures price.
At the macro level, the second epidemic in Europe intensified, and the United Kingdom and France and other national defense epidemic measures continued to escalate, and European stocks fell
sharply last night.
The situation in the US election changed abruptly, and members of the campaign of Democratic candidate Biden were tested for new crown infection, while Biden fell into the "mailgate" incident
.
However, the good news is that Trump and Pelosi have expressed their position on the economic stimulus package, agreeing to increase the size of the stimulus package to more than $1.
8 trillion, which may be passed
before the election.
It is still necessary to watch for the pressure from the rebound in the
US dollar index.
Overall, the drag of the second epidemic has basically been reflected, and today's market sentiment may improve, coupled with the rise of spot premiums, copper prices may be more volatile
.
