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Copper market morning comment: London copper weakened slightly overnight, closing at $9480, falling the US CPI in October hit a 30-year high, and the US index rose sharply to hit non-ferrous metal prices
.
At present, the fundamentals of the copper market are not good, and it is expected to maintain a high volatility market in the near future, paying attention to the range of 9400-9680 US dollars, and may stabilize after a return within the day
.
In terms of news, in October 2021, the ex-factory price of industrial producers nationwide increased by 13.
5% year-on-year and 2.
5% month-on-month; Industrial producer purchase prices rose 17.
1% year-on-year and 2.
6%
month-on-month.
From January to October, on average, the ex-factory price of industrial producers increased by 7.
3% over the same period of the previous year, and the purchase price of industrial producers rose by 10.
1%.
From the current fundamental point of view, combined with technical analysis, we can see that there is a strong support level around 70,000 yuan per ton, which is a new balance
achieved by the market after the third quarter adjustment.
This position can be used as a reference
for price fluctuations in the fourth quarter.
Strategically, it is recommended to go long the main Shanghai copper futures contract around 70,000 yuan per ton, with a target of 73,000 yuan per ton and a stop loss position of around
68,000 yuan per ton.
