November 9 Shanghai copper brief commentary

In terms of news, China's exports in US dollar terms rose 11.
4% year-on-year in October, compared with an estimate of 9.
2% and 9.
9%
in the previous month.
Imports increased by 4.
7% year-on-year, compared with an estimated 8.
6%.

U.
S.
non-farm payrolls rose by 638,000 after the October quarterly adjustment, compared with an increase of 672,000 in the previous month and 600,000
expected.
Biden becomes the new president of the United States, but Trump is still protesting, and the US election may continue to disturb the market
.
U.
S.
non-farm payrolls exceeded expectations, and China's exports exceeded expectations
.
The dollar continued to fall sharply on Friday, and non-ferrous metals soared
.

Biden will be elected US president, the dollar index is under pressure, short-term copper prices are still likely to rise, and the current copper processing fee is still at an eight-year low, and the supply side may be tight to form price support
.
But on the other hand, due to the recent appreciation of the RMB and the downstream consumption side has no obvious bright spots, and the good news in the early stage has been gradually digested, the upward momentum of Shanghai copper is limited, it is expected that Shanghai copper will maintain a volatile trend at night, or there will be a continuation of adjustment, reference range: 5.
15-52,000, the upstream and downstream of the operation just need to take the goods, and the merchants are cautious to pull back to make up for more
.