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Trade Service
On Wednesday, the copper market tested the support level
again.
The rise of the dollar index puts pressure on the market, for the trend of the dollar, the consensus expectation is downward, but the recent sharp unwinding of dollar shorts, the birth of US vaccines and bond yields higher, the epidemic if controlled will undoubtedly shrink the stimulus package, the higher dollar puts pressure
on commodity markets.
In terms of news, China's M2 growth in October was 10.
5%, prior: 10.
9%, expected: 10.
9%.
China added 689.
8 billion yuan in new RMB loans in October, compared with 1.
9 trillion yuan
in the previous month.
Markets continue to be supported by vaccine news, but China's monetary policy tightened yesterday, the European Central Bank warned in the evening against being overly optimistic about vaccine news, and the US election seems inconclusive
.
Non-ferrous metals mostly fell
at night.
In the copper market, the sharp increase in domestic imports has always been the main reason for foreign optimism about the copper market, but recently foreigners have also realized the slowdown in China's consumption, and the indicator of concern is that the trade premium of China's imported copper has been at a low level
.
At present, the imported copper has entered the bonded zone, and domestic traders have pushed up the water, but consumption is still the core
.
The import ratio fluctuates near the balance point, either domestic or foreign to make up for the decline, and we feel that the possibility of the latter is increasing
.
Technically, copper prices remain range-bound, breaking the 10-day moving average below, which will become a fact
.
