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Copper market morning comment: London copper rose sharply last week, and the main contract of Shanghai copper closed higher
.
London copper briefly rose to $9,378 a tonne during the November holiday, before pulling back sharply to around
$9,000 a tonne.
LME copper stocks were 199,250 tonnes, down 20,275 tonnes from 30 September; Copper stocks in the previous period increased by 6,537 tonnes to 50,062 tonnes; The warehouse of Shanghai Free Trade Zone was 223,000 tons, an increase of 1,000 tons
.
On the macro front, the US core PCE rose 3.
6% year-on-year in August, slightly higher than the market expectation of 3.
5%, but continued to fall month-on-month, which provided more room
for the Fed's monetary policy to maneuver.
The US ISM manufacturing PMI recorded 61.
1 in September, significantly better than market expectations of 59.
9, reflecting the buoyancy
of overall economic activity.
The US non-farm payrolls data for September only recorded 199,000, significantly below market expectations of 500,000, and the unemployment rate unexpectedly fell to 4.
8%.
Fundamentally, TC/RC continued to move higher, while LME inventories remained largely unchanged
.
The domestic power rationing policy has an impact on the upstream, middle and downstream of copper, so the impact on copper prices itself is more balanced
.
Strategically, it is recommended to operate
in the range between 68,000 and 72,000 yuan per ton.
