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Last week, the copper market retreated, the epidemic in Europe and the United States reached a new high, and the lockdown of many European countries put pressure
on the market.
Tuesday is the day the results of the US election are announced, and market volatility has increased
.
On the macro level, Shanghai copper prices are under some pressure
due to lockdowns imposed in Germany and France due to the surge in coronavirus cases, market concerns about the negative impact of the second lockdown on economic recovery, coupled with sluggish overseas consumption, US stimulus package confirmed stranded.
On the industrial side, short-term refined copper production has an increasing trend, and the subsequent supply of scrap copper may gradually improve due to the landing of import policies, and the consumption side still needs to be seen, and the short-term supply exceeds demand ethics
.
If there are no more positive factors in the later macro, copper prices are expected to fall due to weaker fundamentals
.
In the copper market, domestic spot indicators have reappeared to support, but consumption has not shown signs of improvement, and the continuous increase in bonded zone inventories may be the reason for
the support of the spot market.
Copper prices are at a key support level, the LME is at $6,700, and whether this price support is effective will be the key
to the trend of copper prices at the end of the year.
