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Yesterday's daily copper price fluctuated to the downside, and 11 contracts showed short positions to enter the market
.
Copper prices in overnight trading performed high, opened low
.
On the macro front, the US consumer inflation expectations recently released by the New York Fed showed that the one-year inflation expectation reached 5.
31% in September, a new high since the launch of the consumer expectations survey in 2013; Three-year inflation expectations rose to 4.
19% in September, also hitting a record high
.
Yesterday, Fed executives intensively stated that the conditions for reducing the size have almost been met, and inflation is by no means "temporary"
.
Among them, St.
Louis Fed President Bullard expressed support for starting debt
reduction in November.
Fundamentally, China's electrolytic copper production in September was 802,900 tons, down 2.
0% month-on-month and up 0.
4%
year-on-year.
Affected by the continuous impact of maintenance and power cuts, domestic electrolytic copper production is expected to be 803,000 tons in October, which will be flat
from the previous month.
On the consumer side, affected by the high price of copper and the continuous opening of the import window, the downstream fear of heights is serious, and market participants have stopped and watched
.
At the same time, the operating rate of copper cable in September was less than expected, and it is expected that the operating rate will continue to decline in October, with Shanghai copper and South China copper discount falling sharply, Shanghai copper rising discount falling to the first line of flat water, and the average price of South China copper discount closing at the discount
.
In terms of inventory, the LME continued to destock yesterday, and there was no change in SHFE inventory
.
Overall, downstream construction starts were less than expected, and the premium fell
sharply.
The judgment
that a wide range of volatility is maintained unilaterally and there is a downside risk.
