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Copper market morning comment: On Monday, the main Shanghai copper futures contract rose to 71,500 yuan per ton during the session and then pulled back, and finally edged up 0.
11% to 70,830 yuan per ton.
According to data from the National Bureau of Statistics, the added value of industries above designated size in October increased by 3.
5% year-on-year (the following growth rates of added value are the actual growth rate excluding price factors), an increase of 10.
6% over the same period in 2019, and an average growth of 5.
2%
in two years.
From a month-on-month perspective, the added value of industries above designated size increased by 0.
39%
in October over the previous month.
From January to October, the added value of industries above designated size increased by 10.
9% year-on-year, and the average growth rate for two years was 6.
3%.
Goldman Sachs said copper inventories were at "severely low" levels, which could lead to the same surge
in copper prices as in recent months in aluminum prices and some energy markets.
Goldman Sachs, Nicholas Snowdon and others reported that copper prices are expected to average nearly $12,000 per ton next year, with the potential to soar to higher levels
during that period.
A further 50,000-tonne decline in LME copper stocks could push copper prices to a high of
$13,000 a tonne.
However, with the current demand for copper and the macro risk events that the dust has settled, the probability of copper prices soaring is low
.
