Copper prices open low and fluctuate upwards Continue to pay attention to the emergence of inventory inflection points

On the macro front, global central banks will continue to maintain their current ultra-loose monetary and fiscal policies in the short term, but the recent strengthening of the Fed's taper expectations has led to a significant strengthening of the US dollar, which is not very favorable
for the overall non-ferrous metals sector, including copper.
Domestically, the State Council will once again propose to stabilize commodity prices, while the National Reserve is about to announce the next round of reserve dumping
.

In terms of fundamentals, the current TC price continues to rise, coupled with the rumors of domestic storage dumping, so the supply side has a more negative impact on copper prices, while on the demand side, copper varieties have not been accumulated immediately after entering the off-season, and the future market needs to continue to pay attention to the emergence
of inventory inflection points.

Overall, the Fed's FOMC meeting can be said to be a hawkish dove, and the non-farm payrolls data after the return of the November long holiday has become the focus
of attention.
At the same time, the amount of the next round of reserve dumping by the National Reserve Bank will also have an impact
on market sentiment.
At present, the impact of downstream consumption in the context of low peak season and dual control is relatively weak, but copper scrap and low inventories can still be supported
.
It is judged that before the next non-farm payrolls data, the price will be volatile
.