November 6 Copper Market Brief Review

On Tuesday, the main contract of Shanghai copper 1912 opened at 47090 yuan / ton in the morning, and after the opening, it went all the way up to around 47180 yuan / ton, and then the center of gravity remained stable here until the end of midday; In the afternoon, bulls entered the market one after another, once again pushing Shanghai copper to the highest level of the day of 47260 yuan / ton, and closing at 47250 yuan / ton, up 230 yuan / ton, or 0.
49%.

Driven by the domestic central bank's cut of the MLF interest rate, the market sentiment warmed up to stimulate the upside of copper prices, and on the other hand, the impact of Chilean protests on copper mines is gradually emerging, Chilean copper miner Antofagasta lowered its production forecast for 2019, as the ongoing unrest interrupted the supply of its flagship Los Pelambres mine and caused equipment damage, copper concentrate supply may be expected to be tight in favor of copper prices
。 However, the final value of the Eurozone manufacturing PMI in October is still not good, the monthly rate of factory orders in the United States in September is in the negative range for two consecutive months, the macroeconomy is still under pressure, and it is expected that the short-term Shanghai copper range will fluctuate, or rise slightly
.

The intraday market showed a rally, mainly because the domestic Caixin service PMI announcement in October was in line with expectations, and investors' expectations for the improvement of the trade situation continued to strengthen, and the overall market atmosphere was optimistic, pushing Shanghai copper back to the 47,200 yuan / ton mark
.