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Copper market morning comment: LME copper rushed back down during the November holiday, the price fell 1.
29% from the domestic close on September 30, the main factor affecting price fluctuations is still in the game of interest rate hike expectations, and the overall copper price is still running in range volatility
.
US non-farm payrolls and employment data for September continued to support the Fed's hawkish rhetoric, and the dollar index was running high, putting collective pressure
on non-ferrous metals.
In terms of supply and demand, the copper concentrate processing fee index was revised up to around 84 US dollars / ton, and part of the domestic new electrolytic copper production capacity is mainly to purchase crude copper, the supply of copper concentrate remains loose, but the supply of crude copper is tightening, the domestic electrolytic copper increment began to cash, it is expected that the production of electrolytic copper in October will be more than 900,000 tons, compared with the consumption performance in the third quarter, it is expected that copper consumption in October will be difficult to have a significant marginal increase, and domestic electrolytic copper is expected
to accumulate.
In the week before the holiday, domestic electrolytic copper social stocks fell by 10,100 tons, and bonded zone stocks fell by 39,900 tons
.
There is no stimulation of the Fed's interest rate meeting in the near future, and the social inventory of electrolytic copper is still at a low level, and it is expected that copper prices are less likely to weaken significantly, and it is recommended to wait for short opportunities
.
