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Copper market morning comment: London copper recovered slightly yesterday, and the main contract of Shanghai copper closed higher
overnight.
LME copper stocks minus 10,025 tonnes to 143,650 tonnes; Copper rose by 53 tonnes to 11,886 tonnes
.
The copper price high pullback returned to the shock range, and the shock is expected to continue, focusing on the support of the integer mark
.
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; 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 are also continuing to decline, with the proportion of warehouse receipts written off as high as 80%, and spot premiums falling to more than $100.
After the strengthening of domestic and foreign policy supervision, the speculation spot tightness has subsided
significantly.
