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Copper market morning comment: last week, the high of London copper fell back, and the main contract of Shanghai copper closed lower
.
LME copper stocks were 161,550 tonnes, down 19,850 tonnes from last week; Copper stocks in the previous period decreased by 1,829 tonnes to 39,839 tonnes; The warehouse of Shanghai Free Trade Zone was 198,500 tons, a decrease of 08,500 tons
.
The high pullback of copper prices has returned to the shock range, which is expected to continue, paying attention to the changes in the
power rationing situation in various provinces.
On the macro front, the market expects new developments in the Fed in November, and the market will pay attention to whether Powell can be re-elected; Weakening of the US dollar; Domestic economic data is weak, policy intervention is expected to strengthen marginally, and the countercyclical effect of infrastructure may appear
.
On the supply side, TC continued to recover, but refined copper production was difficult to return to normal in October, although the market's concerns about power cuts eased
.
On the demand side, domestic inventories are at a low level, premium is high, and the price spread of refined waste is low, these factors jointly support the demand for
refined copper.
Overseas inventories also continued to decline, with 86% of warehouse receipts written off and spot premiums falling to $
153.
After the strengthening of domestic and foreign policy supervision, the speculation spot tightness has subsided
significantly.
