October 19 Shanghai copper noon review

Yesterday's spot market buying is still weak, the market maintained the previous day's quotation discount of 70~40 yuan / ton, the decline in copper prices is expected to drive a wave of downstream consumption
.
It is expected that today's Shanghai copper 49650-50150 yuan / ton, spot discount 50-discount 20 yuan / ton
.

The macro surface is long and short intertwined, and copper prices show a volatile trend
.
Due to the release of new (expanded) domestic production capacity, the growth rate of domestic refined copper production has remained at a high level of more than 10% since the beginning of this year; China has implemented a strict import restriction policy on the import of solid waste, and the import of copper scrap has decreased
significantly.
Under the pressure of supply, copper stocks have not accumulated significantly, and are still in the process of
continuous decomposition.

At present, the inventory of the previous period is 112,000 tons, the warehouse receipt is 37,000 tons, in terms of import sources, the tradable inventory in the bonded zone is still not much, and overseas refiners are generally sent to China at the end of the year based on factors such as long-term negotiations next year, so it is expected that the next imported copper inflow should not be too much
.
The copper market is currently in the "Golden Nine Silver Ten" consumption season, superimposed on the accelerated landing of infrastructure and low inventories have strong support
for the copper market.
The recent trend of copper prices is mainly affected by macro factors, maintaining a volatile idea
.