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October 28 copper market morning review

 Last Update: 2022-12-20
 Source: Internet
 Author: User

Tags

supply demand production

shanghai china

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Copper prices fluctuated slightly on Tuesday, and the market repaired after three days of falling prices, but the latest news is that the new stimulus package in the United States is unlikely to be launched before the end of the election, the epidemic in Europe and the United States has reached a new high, coupled with the uncertainty of the election, the market demand for safe-haven has increased
.

The second outbreak of the epidemic in Europe and the United States, the epidemic prevention and control has increased, overseas consumption is relatively sluggish, and the US economic stimulus plan is still uncertain
.
However, due to the sluggish peak season and sluggish demand in China, coupled with the continued strengthening of the RMB, Shanghai copper prices are under certain pressure
.
The divergence of copper prices in Shanghai to a certain extent indicates that copper prices lack the momentum
to continue to rise.
The short-term refined copper production has increased, and the market oversupply has put greater pressure
on copper prices.

The copper market lacks positive news, the consumption season is about to end, the market has not seen signs of peak season, grid investment has not increased, copper prices are in a falling stage after being blocked, and trading is short
.
If there are no more positive factors in the later macro, copper prices are expected to fall due to weaker fundamentals
.

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