It is difficult to say optimistic about the improvement of consumption, and the upward driving force of copper prices is not strong

In terms of spot, on November 2, the trading price of Yangtze River spot 1# copper was 64970-65010 yuan / ton, up 490 yuan / ton; Premiums 250-290, down 20 yuan / ton
.
In the spot market, the rise in copper prices has dragged down demand, downstream fears of heights have reduced purchases, receivers are still cautious, and the overall trading volume has declined
.

In terms of inventories, as of November 2, copper stocks on the London Metal Exchange (LME) decreased by 4,200 tons, or 3.
95%, to 102225 tons; As of November 2, the warehouse receipt of Shanghai copper futures in the previous period was 20,670 tons, a decrease of 4,370 tons
from the previous day.

In terms of supply, major domestic copper enterprises Fangyuan, Zijin and other smelters overhauled; Xinjiang and other places have strict epidemic prevention and control, and copper cannot be transported; The import window continues to open, but the import supply is still limited, and the social inventory has increased by about 10,000 tons; The increase in smelting in September was relatively fast, and it is expected that there will still be an increase in October, but the supply of crude copper is relatively tight and the disturbance still exists; Last day, LME copper stocks fell by 6,700 tons, and copper from Asian warehouses will arrive in China
in November and December.
But the spot side is still on the tight
side.

On the demand side, copper consumption is difficult to say optimistic, weak and stable
.
Consumption in the silver peak season was less than expected, and now in November, consumption will weaken marginally, coupled with the continuation of real estate fatigue, which will drag on copper consumption
.
In addition, the high monthly difference of copper, the price and monthly difference limit the willingness to take goods downstream, and the widening of the refined waste price difference is not conducive to the consumption of refined copper, thereby putting pressure
on the release of demand.
But fortunately, the data of the photovoltaic, infrastructure and automotive sectors are supporting it
.

Overall, global financial markets are focused on tonight's Fed decision, with the market expecting the Fed's interest rate hike in December to slow down, the US index to continue to decline, and metals to continue the rebound
.
At the same time, the outlook for metal demand has improved
due to the easing of epidemic control measures in China.
Moreover, inventories in Shanghai and London have shown a downward trend recently, which has provided some support
to copper prices.
But at the same time, some analysts are skeptical
of expectations that the Fed may soften its stance on raising interest rates.
According to the survey, most analysts are bullish on the dollar after the market, which is not good for copper prices, so the copper price rally is still suppressed by macro bearish pressure
.
Coupled with the weak demand at home and abroad, the continuation of domestic real estate fatigue, the upward driving force of copper prices is not strong, so the rebound of Shanghai copper is highly limited
.