Copper prices lack fundamental support The durability of the rebound remains to be seen

In terms of external trading, London copper opened at 5916 US dollars / ton, copper prices continued to rush up at night during the Asian session, inertia rushed to 5951.
5 US dollars / ton, but under the drag of Shanghai copper, London copper intraday plunged sharply below the daily average of 5884 US dollars / ton, after a little struggle, under the pressure of the daily moving average continued to slowly decline, at the end of the Asian session, London copper tried to counter-draw, twice attacked the upper daily average unsuccessful, European session, accelerated to fall, more and more away from the daily average, as of 17:35, London copper reported 5864 US dollars / ton
。 Intraday London copper high pullback, cautious trend, still not out of the adjustment situation, pay attention to the US October factory orders month-on-month, October durable goods orders month-on-month final value and other data, pay attention to the performance of the dollar index near the 100-point mark, London copper is expected to remain high volatility
.

In the market, Shanghai copper continued to rebound, but the intraday shock retreated
.
The quotation of copper is firm, and the supply of good copper and cost-effective flat water copper is small, so that the quotation of this part of the current copper climbs to a discount of 30-10 yuan / ton
.
Wet copper is still flooding the market, and the discount quotation is not collected and expanded, and the discount is reported to be 200-170 yuan / ton
.
As a result, the downstream has already had a small amount of reserves, so there is no large-scale chasing sentiment
.
Intraday trading was slightly lighter than yesterday, and activity was mainly contributed
by speculative buying on dips.
Holders still hold more confidence in the future market, and the premium state of copper quotations may still rise slightly
.
In the afternoon, the market stabilized, the market good copper quotation is less, but the downstream acceptance of the premium is low, the premium copper report discount 20 yuan / ton - flat water, cost-effective flat water copper is favored by the market, the quotation is also strong, flat water copper discount 60 yuan / ton - discount 40 yuan / ton, the transaction price slightly dropped to 47220 yuan / ton - 47500 yuan / ton
.

In terms of industry news, the Central Bank of Congo said that the country's copper production from January to September fell sharply by 9% from the same period last year to 735,000 tons, and the decline in production mainly came from the first quarter
of this year.
Analysis, the decline in copper production in Congo in the first three quarters of this year was mainly due to the closure of Glencore's Katanga copper mine project, and other copper mines also reduced production
due to low copper prices.

Overall, due to the short-term difficulty in fulfilling demand expectations, the increase in terminal demand expectations has limited support for copper prices, and the copper price rebound lacks a fundamental foundation, and the sustainability of copper price rebound remains to be seen
.