Copper prices continue to fluctuate The inventory inflection point has not yet arrived

On the macro front, the US CPI data hit a 30-year high, the US index rose in response to the rally, once hit the price of non-ferrous metals, while the domestic PPI data soared, and industrial production profits were still under pressure
.
Fundamentally, after entering the traditional consumption off-season, the weak power of copper supply and demand is difficult
.
At present, overseas copper inventories are still at a low level, speculation enthusiasm is reduced, Shanghai copper is mainly affected by the surrounding metals and black market confidence, it is expected that Shanghai copper will maintain a range-bound market next week, and the general trend will maintain a weak pattern
.

In terms of the market, spot copper rose by 1060 yuan last week, the premium fell first and then rose, the price difference was 530 yuan in the next month, and the good copper premium on Friday was 350 yuan
.
Affected by the overnight price difference, the premium was sharply lowered on Monday, and the subsequent gradually stabilized, and the willingness of the market to receive goods on Friday improved significantly, which helped the price of cargo holders to rise
.

From a fundamental point of view, limited electricity is affected, and both supply and demand are affected
.
At present, the power rationing has eased nationwide, the operating rate of fine copper rods has rebounded slightly by 2.
52 percent, and from the monthly data, the operating rate of the processing end in October has been affected, but it is expected to rebound
in November.
In the coming period, it will face the contradiction
between weak demand and rush to work at the end of the year.
With the fall in copper prices, the fine scrap price spread has returned to below the reasonable price, and Malaysia's copper scrap policy has been postponed to next year, and the support of copper scrap to copper prices will continue
.

In terms of inventory, the weekly destocking of the LME was 22,300 tons to 100,300 tons, and the weekly accumulation of SHFE was 4,325 tons to 14,059 tons, and the social treasury on the 12th decreased by 12,600 tons to 82,600 tons from the 8th, falling below 90,000 tons for the first time this year, hitting a new low
again.
In terms of imports, the weekly discount of LME0-3 liters has decreased, but it still remains at a high level of 100 yuan, and the foreign trade market trading remains light
.

On the whole, long and short are intertwined, the current market divergence is deepening, crude oil and natural gas prices have repeatedly fluctuated, and the rise of gold and the US dollar reflects the contradiction and conflict
of the market on inflation.
From a fundamental point of view, the operating rate picked up after the domestic power rationing eased, the LME continued to destock, the social library reached a new low, the inventory inflection point has not yet arrived, and the copper price shock trend may be maintained
.