Copper rises in the future, and it is difficult to maintain small range fluctuations

Yesterday's U.
S.
housing starts and construction permits rose in September, reflecting the strong growth
in the housing market spurred by low interest rates.
The pandemic continues to worsen and social restrictions continue to tighten in parts of Europe, and the impact on the service sector will undoubtedly worsen, and it will be interesting to see if it will form a greater negative impact
.
Fed and ECB officials have both said they are ready for larger stimulus if
the situation warrants it.
The dollar fell, testing the lows in a short period of time, and there was a suspicion of ending the sideways and starting a
new round of decline.

Base metals generally rebounded stimulated by the sharp fall in the dollar, London copper rose to $6900 to hit a new high this year, news, Kodalco workers strike, as protest companies fired workers during the epidemic, large company strikes will inevitably cause further tension in the concentrate market, watch for follow-up progress
.

China's Ministry of Environmental Protection issued rules for the import of scrap metal raw materials, since November 1, scrap copper and scrap aluminum that meet the requirements will be freely imported, the original import approval is still used as before, overseas scrap copper supply is tight, but there is no approval limit, scrap copper supply has increased to a certain extent, alleviating the current extremely tight state
.

Domestic downstream consumption has recovered, but cable demand is weak, the north has gradually turned to off-season expectations, automobiles, home appliances, home improvement, exports and other recovery growth partially offset the decline in grid demand, but the overall will gradually turn to off-season expectations
.

Spot imports were slightly profitable, and customs declarations increased, resulting in a decline
in spot premiums.
Bonded inventories are now at a high level during the year and may replenish some domestic needs
.

Overall, there is a lack of obvious contradictions in spot, and the expectation of copper scrap tension is greatly eased
.
Good macro expectations, especially a massive US stimulus package and a falling dollar expectation, support the overall bullish sentiment, and lack of willingness to short in the context of
overall low inventories.
Copper prices are difficult to rise, maintain small range fluctuations, and operate upward to reduce long positions
.
Today 52000-51500
.