Macro interference factors increase Shanghai copper trend is weak

In the external market, London copper fluctuated to the downside
this week.
The average price of LME copper in the first four trading days was 6656 US dollars / ton, down 68.
5 US dollars / ton per day; Last week's average price was $6,795/ton, down 2.
05%
month-on-month.

On the macro front, China's economic recovery momentum has further strengthened, and major economic activity indicators have exceeded market expectations; The outlook for the US economic recovery under the epidemic is uncertain, but the market is betting on a new stimulus plan in the United States; The development of the pandemic in Europe weighed on investor sentiment, announcing a new lockdown and a possible contraction of the economy in the fourth quarter, hitting the outlook
for industrial metals demand.

In the market, the high level of domestic spot copper prices fell
.
The average price of Yangtze River nonferrous metal net 1# copper was 51506 yuan / ton, down 278 yuan / ton per day, down 2.
66% on a weekly basis; The average price of the previous week was 52,016 yuan / ton, down 510 yuan / ton compared with last week, down 0.
98%
from the previous week.

In terms of inventories, London copper stocks continued to decline this week, with a cumulative decrease of 5,275 metric tons to 73,625 metric tons, a cumulative decrease of 6.
69%.

Shanghai copper stocks fell this week, down 22,883 tons to 170464 tons, down 11.
84%.

Domestic downstream consumption has not yet shown signs of coming out of the off-season, cable company orders have declined, peak season consumption expectations have not been fulfilled, and refined copper production has rebounded, supply tension may be eased, in addition to the National Day before the stockpile has not blowout, the copper price dragged down
.

The National Bureau of Statistics said that the current domestic and foreign economic environment is still complex and severe, and industrial production is still facing certain pressures
to continue to be stable and improving.
Production has recovered somewhat recently, and supply tightness will ease; Current demand has not improved significantly, but the low level of global inventories still supports prices, and copper prices are expected to fluctuate next week due to the recent increase in macro
disturbances.