November 5 Copper Market Brief Review

On Monday, Shanghai copper opened high and low, intraday price volatility weakened, and the sideways trend was more obvious
.
Shanghai copper main contract 1912 opened at 47090 yuan / ton in the morning, slightly moved up and began to weaken, near the end of midday, the center of gravity hovered around 47010 yuan / ton, the afternoon plate continued to rise to 47090 yuan / ton intraday high, the end of the session slightly slipped and closed at 47040 yuan / ton, up 30 yuan / ton, or 0.
06%.

On Friday, the US non-farm payrolls and ISM manufacturing data were mixed and short, with the US ISM manufacturing PMI ending a six-month streak of declines in October, but it has been below the 50-boom line for the third consecutive month, and 12 of the 18 industries fell into contraction
in October 。 However, the better recovery of non-farm and unemployment data further offset the weakness of the manufacturing industry, long and short intertwined drove the US dollar index low volatility, further released London copper pressure, on this basis Friday overnight London copper technical strong rebound, but it is worth noting that the poor domestic economic environment has driven the market mentality to languish, Shanghai copper with the rise is small, is expected to short-term copper prices sideways volatility, range 4.
68-47,300, waiting for the news of Sino-US trade negotiations to
land.

According to Bloomberg, a controlling stake in Zimbabwe's largest nickel mining company, Bindura Nickel Corp, has been sold to a company with a partnership with President Emerson.
Mnangagwa Advisors has an associated firm
.
Muchadeyi Masunda, chairman of Bindura Nickel, revealed that Mauritius-based Sotic International acquired a 74.
73% stake
in Asa Resource Group.

The intraday disk fluctuation range is small, and the basic center of gravity remains stable around
47,000 yuan / ton.
The main reason is that the current trade improvement sentiment is still warm, the overall market atmosphere is still good, Shanghai copper maintained stability at 47,000 yuan / ton
.
At present, Shanghai copper closed on the doji, testing the 40-day moving average resistance level upward, and the technical picture shows that the high resistance of Shanghai copper is still large
.
At the same time, from a fundamental point of view, the current wire and cable operating rate in October is basically the same as in September, and there is no significant bright spot
on the consumer side.
Wait for the guidance of the external market to test whether Shanghai copper can further stabilize the 47,000 yuan / ton mark
.