Macro risks still exist Shanghai copper should not be overly bullish

At the macro level, the short-term market "seems" to recover from the pessimism of Trump's diagnosis of the new crown, and U.
S.
stocks have continued to rise in recent days, with non-ferrous metals
rising on Friday as the dollar index fell sharply below 93.
In the medium term, the directional trend of the weakening of the US dollar index has not changed, which has some support
for non-ferrous metal prices.
The risk factors in the later period are also more obvious, mainly reflected in the various uncertainties before the US election, as well as the recurrence of the epidemic after the autumn and winter seasons, and the volatility has intensified
.

Fundamental news, the average price of Shanghai Nonferrous Metal Network 1# electrolytic copper in the last trading day was 51565, up 330, spot premium 160, premium expanded by 50
.
Chile's Escondida and Candelaria copper mines are threatened with strikes, and the impact on production remains to be seen
.
Copper prices were suppressed by a sharp increase in LME copper stocks before the holiday, and mid-holiday inventories fell
slightly.
The level of domestic copper stocks is relatively moderate, with copper stocks of 156,400 tons
in the previous period on October 9.
In the week of October 6, COMEX1 copper speculative long and short positions were reduced by more than 6,000, and the sentiment of funds tended to be cautious
.

Overall, driven by the weakening of the US dollar, copper prices have been supported, but macro risks still exist, should not be overly bullish, fundamentals on the gold nine silver ten traditional peak season expectations whether the falsification remains to be seen
.