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November 5 copper market morning review

 Last Update: 2022-12-20
 Source: Internet
 Author: User

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The copper market was volatile on Wednesday, with copper prices first falling and testing the support level, and then recovering all losses
.
The number of votes in the US election is the main reason
.
For now, Biden is ahead, but Senate Republicans are ahead, and the lame duck situation is good for the market, but the expected size of the stimulus package will be affected
.

Copper City

The results of the US election are about to be announced, but the current uncertainty is still strong, increasing market risks
.
Bright economic data at home and abroad boosted market confidence
in demand.

On the industrial side, the new labor contract of Chile's Candelaria copper mine was rejected by the striking union, but the overall does not affect the expansion of refined copper supply in the future, and the subsequent scrap copper supply may gradually improve due to the landing of import policies, although the recent decline in copper inventories to some extent reflects strong copper demand, but the consumer side still needs to wait and see
.

At present, the market is intertwined with long and short factors, short-term risks increase, and if there is no further positive news stimulus, copper prices may have downward pressure
.

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