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On Friday evening, the Shanghai copper fluctuated operation, and the latest closing price of the main monthly 1912 contract was 47070 yuan / ton, up 60 yuan, or 0.
13%.
Externally, the latest non-farm payrolls data released by the United States was better than market expectations, but the ISM manufacturing PMI contracted for the third consecutive month in October, the dollar index fell for five consecutive days to a more than three-month low, and the next week London copper trend was strong, the latest closing quotation of 5862 US dollars / ton, up 56 US dollars, or 0.
96%.
The dollar index fell for five consecutive days to a more than three-month low, and London copper closed up $56 the next week, the current macro atmosphere has warmed up, but the fundamental downstream consumption lacks bright spots, and copper is expected to rise or fall limited
today.
In October, China's Caixin manufacturing PMI rose to 51.
7, better than market expectations, four consecutive months of recovery, China's economy continues to repair at a relatively rapid pace, the data is not consistent with the previously released official manufacturing PMI, the latter is a continuous contraction; the current macro atmosphere has warmed up, Sino-US trade has reappeared good news, copper market fundamentals supply side weak trend is still continuing, but downstream consumption lacks bright spots, short-term copper prices are difficult to have a trend market, it is expected that today's spot copper prices will rise and fall limited
.
Overall, under the macro and fundamental game, it is difficult for copper prices to have a clear unilateral trend, unless macro events
such as changes in trade patterns.
The results of trade negotiations affect the nerves of policy adjustment, and if the external pressure weakens, the domestic hedging will also decline, but the external pressure will increase, the domestic stimulus will also strengthen, and the copper price will still swing in a narrow range in the fourth quarter
.
