Demand worries persist Copper prices are difficult to show trend

The data shows that Zhou Nailun copper rushed back down
.
The average price of LME copper in the first four trading days was 5882.
75 US dollars / ton, down 25.
5 US dollars / ton per day; Last week's average price was 5867.
6 US dollars / ton, up 0.
26%
from the previous month.

On the macro front, global economic growth has slowed, manufacturing continues to shrink, demand concerns persist, and copper prices are difficult to trend out.

In the first three quarters of this year, the growth rate of U.
S.
GDP continued to decline, slowing from 3.
1% to 2.
0% and then slowing to 1.
9%, indicating that US economic growth began to slow
down under the effect of changes in the external trade situation and the weakening effect of internal tax cuts.
Eurozone preliminary GDP for the third quarter grew by 1.
1% year-on-year, in line with expectations, compared with 1.
2%
in the previous month.
China's industrial profits fell year-on-year in September, and the official manufacturing boom fell
in October.

In terms of the market, in the week of November 1, domestic spot copper prices fell
this week.
The average price of Yangtze River nonferrous metal network 1# copper was 47286 yuan / ton, down 54 yuan / ton per day, and down 0.
57% on the weekly line; The average price of the previous week was 47222 yuan / ton, up 64 yuan / ton compared with last week, up 0.
14%
from the previous month.

In terms of stocks, copper stocks in Zhou Neilun generally deteriorated, with a cumulative decrease of 6,000 metric tons to 255025 metric tons, a cumulative decrease of 2.
30%.

Shanghai copper inventories rebounded during the week, increasing by 6,901 tons to 149911 tons, an increase of 4.
83%.

Copper Market News:

1.
Peru "gave the green light"
to the Tia Maria copper mine project.
Peru gave the green light to Southern Copper's long-delayed Tia Maria copper mine, but the government warned that it could not move forward with the project without meeting the
appropriate social and environmental conditions.
The Tia Maria project is expected to produce 120,000 tonnes of copper per year, helping to revive the country's economy
.
Peru is the second largest copper producer in the world
.

2.
Ecuador is shifting from an exploration hotspot to a copper exporter
.
Ecuador is moving forward with plans to shift from an exploration hotspot to a mining exporter, with the country's only major copper mine preparing to ship its first bulk cargo
in November.
The US$1.
4 billion Mirador open-pit mine, owned by Tongling Nonferrous Metals Group and CRCC, opened in July
.
Mirador has stockpiled 30,000 tonnes of copper, which is scheduled to be exported
on November 14.