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The copper market opened higher and lower on Tuesday
.
The UK announced long-term measures to combat the outbreak, and the market is still assessing the impact of
the outbreak.
The new fiscal stimulus policy in the United States is still difficult to produce, and the pressure of slowing economic growth in Europe and the United States has increased
.
In the copper market, LME low inventories are still supportive, but domestic consumption is weak, and the market stock before the long holiday is not obvious
.
It is still inclined to copper prices in the correction stage, trading on the short side
.
On the macro front, a new round of stimulus plans in the United States may be postponed, the epidemic in European countries has ushered in a second outbreak since September, market risk aversion has heated up rapidly, and the dollar index has suppressed
copper prices.
From the supply and demand side, the recovery of overseas copper concentrate supply is inevitable, the double festival is approaching, the market reserve may have entered the end, and the demand is less than expected has begun to appear, and it is expected that copper prices will have greater downward pressure
.
However, it should still be noted that copper prices may rise due to lower inventory levels
.
The recent market sentiment is more neutral, domestic demand is off-season, and the external market is stronger than the internal market
.
Before the US election, Shanghai copper as a whole may continue to be range-bound market
.
The future market is vigilant against the development of Sino-US relations and the US election
.
Shanghai copper upper pressure 53520, lower support 51000
.
