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Copper prices fell slightly, London copper fell slightly to $7,070 after a sharp rise, the news, Chile's two small mines in Codalco reached a new salary agreement, Peru's political turmoil, the president was forced to resign, the speaker of parliament as acting president also announced his resignation a few days later, but it is generally believed that mining is Peru's main economic lifeline, high-level political turmoil may not affect
the normal operation of the mine.
At the macro level, US retail sales data for October fell short of expectations, with Federal Reserve Chairman Jerome Powell saying that the pandemic still poses a significant short-term risk to the economy and that it is premature
to suspend emergency lending facilities.
The head of the ECB said that the positive news on the vaccine will not change the ECB's stimulus package
.
Last night, the dollar index was weak and volatile, and U.
S.
stocks hovered
highs.
Domestic spot remained flat, and the downstream did not want to chase higher after the sharp rise in prices, but due to the poor price comparison in the early stage, less import customs declaration and storage and other reasons, domestic inventories maintained a decline, and after the change of month, the spot premium remained at a high level of 140 yuan, indicating that warehouse receipts remained tight
.
After the change of month, spot imports return to a profitable state, which helps bonded inventory to declare customs imports, thereby easing domestic tensions
.
In addition, although there is a small amount of trial imports of scrap copper, there is still no large-scale arrival, and the tension of scrap copper has not been alleviated, but the terminal consumption is weak after the sharp rise in prices, and the holders sell goods at a high price, and the price difference of refined waste widens to 1300 yuan
.
On the supply side, the industry is focused on annual long-term order negotiations, and extremely low concentrate processing fees and visible inventories have given upstream confidence and supported
copper prices.
Overall, downstream consumption is still resilient, while the spot market price structure is still strong, macro bullishness is still waiting to be realized, the US dollar is weak and may continue to fall, and copper prices remain on the side
.
The high of 52500, which was repeatedly oscillated in the early stage, turned into short-term support, and the current short selling is not yet time
.
Today 53000-52500.
