Recently, inventories have continued to deteriorate, and Shanghai copper has fluctuated at a high level

In terms of the market, in the week of November 13, domestic spot copper prices fluctuated
at a high level.
The average price of Yangtze River nonferrous metal net 1# copper was 52052 yuan / ton, up 66 yuan / ton per day, and the weekly line rose 0.
64%; The average price of the previous week was 51588 yuan / ton, up 464 yuan / ton compared with last week, up 0.
90%
from the previous week.

In terms of inventories, London copper stocks continued to decline this week, with a cumulative decrease of 7,250 metric tons to 165,200 metric tons, a cumulative decline of 4.
20%.

Shanghai copper stocks fell sharply this week, down 13,372 tons to 117949 tons, a drop of 10.
18%.

In terms of news, major copper producers such as Chile and Peru are gradually restoring supply, Chile's copper exports in October increased by 24%, but it will take time for production to fully recover, and the overall supply of copper mines is still tight
.
There are signs of year-end impulse in domestic copper smelting, but the supply of scrap copper raw materials is still tight, which is conducive to refined copper consumption
.

Copper concentrate TC remains low, which may weaken the growth expectations of refined copper capacity; Copper imports in October increased sharply year-on-year, and the cumulative import volume from January to October has reached a new annual high, highlighting the speed of China's recovery from the epidemic; End markets such as automobiles performed well, with production and sales increasing for seven consecutive months, but cable demand performed poorly, inventories continued to deteriorate recently, and copper prices fluctuated
at high levels.

On the macro front, industrial production in most provinces in China showed an acceleration momentum in the third quarter, and the economy will continue the pace
of steady recovery in the fourth quarter.
China's automobile production and sales continued to grow, and the production and sales of new energy vehicles increased sharply in October, and the recovery of market demand will remain stable and good.
Global copper concentrate will remain tight in the fourth quarter, but domestic refined copper production will maintain growth; So far this year, grid investment has fallen short of expectations, and there is a possibility of rushing work at the end of the year, and copper prices are expected to fluctuate strongly
next week.