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Copper market morning comment: Yesterday's daily copper price was weak and volatile, and the 11 contract performance long position reduced the position and left the market
.
Copper prices continued to be weak
in overnight trading.
From a fundamental point of view, the CSPT team held a group meeting in Shanghai yesterday to finalize the guidance price of copper concentrate spot TC/RC of 70 US dollars / ton and 7.
0 cents / pound in the fourth quarter, which was significantly higher than the 60 US dollars / ton and 6 cents / pound in the third quarter, and the mine supply continued to repair
upward.
On the consumption side, with the holiday approaching, the downstream has basically completed the pre-holiday replenishment, the market trading is general, and the discount of Shanghai copper and South China copper has declined
.
In terms of inventory, the LME destocked sharply yesterday, and SHFE continued to destock.
In terms of imports, the expectation of inflow after the imported copper festival and the decline in the domestic trade market in the past two days have affected the market's view of prices after the National Day, and the overall transaction performance is cold
.
Overall, the strong performance of the US dollar dragged down copper prices, and pre-holiday trading was average, focusing on post-holiday market performance
.
The judgment
that a wide range of volatility is maintained unilaterally and there is a downside risk.
