November 7 Copper Market Brief Review

On Wednesday, the main contract of Shanghai copper 1912 opened at 47380 yuan / ton in the morning, fell to a low of 47290 yuan / ton after the opening, and finally rebounded to around 47320 yuan / ton, until the end of the midday, the center of gravity of the afternoon plate briefly maintained stability, near the close, U.
S.
crude oil rushed back down, mainly due to the surge in crude oil API inventories, the market was further worried about the demand side, superimposed on the US crude oil trade for the first time in 40 years to achieve a trade surplus, intensifying the pressure of OPEC production cuts, copper prices linked lower, the market fell to 47170 yuan / The lowest tonne was the lowest in the day, closing at 47190 yuan / ton, up 30 yuan / ton, or 0.
06%.

Affected by the central bank's "interest rate cut", overnight Shanghai copper was stimulated by the favorable rise and rushed higher, the 14th batch of scrap copper import data in 19 years fell 80% month-on-month, which also brought a trace of tight expectations to the domestic refined copper supply, but on the other hand, the US ISM non-manufacturing PMI in October recorded 54.
7 higher than expected, the recovery of the US economy drove the US dollar index to strengthen, and the countercyclical adjustment brought about by the RMB interest rate cut further promoted the appreciation of the RMB to suppress copper prices, and it is expected that short-term copper prices will return to the shock range
.

The overall trend of the intraday plate showed a high decline, but from the recent macroeconomic point of view, the PMI data of European and American countries and the domestic PMI data are generally good, coupled with the recent recovery of trade atmosphere, copper prices still have a chance
to rise.
Shanghai copper closed negative on the day, and the upper part has broken through the 10-day moving average, testing whether Shanghai copper can further cover the gap and break through 47300 yuan / ton
.