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Last week, Shanghai copper fluctuated at a high level, affected by the US election, first rose and then suppressed during the week, maintaining a range market
.
In terms of the election, Biden led the fall of the US dollar index, releasing pressure on London copper to test new highs
.
Shanghai copper was subject to the appreciation of the renminbi to offset some of the gains, and fell after hitting the previous pressure level of 51,800
.
Copper prices rebounded last week, and as of 3 p.
m.
on Friday, the main 2012 contract of Shanghai copper closed at 51430 points, a weekly increase of 0.
96% or 490 points
.
The manufacturing PMI data of various countries performed brightly, the market risk appetite rebounded, the US dollar index lost the 94, 93 mark one after another, the global stock market soared, boosting the copper price on Monday to support the 50,700 rebound; and then the uncertainty of the US election heated up, and the macro good news gradually digested, under the influence of the sharp appreciation of the RMB, copper prices are strong outside and weak inside, and Shanghai copper fell into a narrow range
.
In the market, spot copper rose by 120 yuan last week, and the premium followed the market first up and then down
.
Wednesday faced nearly 52,000 significantly inhibited market trading, as the market stabilized, traders sought flat water spreads, buying enthusiasm increased, downstream basically replenished on demand, the overall trading was
acceptable.
In terms of import profit and loss, the renminbi continued to appreciate, copper prices were strong outside and weak inside, and the import profit window continued to close this week, and the gap widened to around
260 yuan / ton.
At present, in terms of fundamentals, domestic copper production fell sharply in September, and the inflow of imported copper materials coupled with the poor effect of the traditional industrial peak season brought consumption pressure, and the momentum of copper prices has slowed down
.
On the other hand, the US election has not yet been decided, the market is worried about the subsequent election riots, and there is a wait-and-see mood
for uncertain news.
It is expected that the Shanghai copper high range will fluctuate, or continue to bring down the US dollar index with Biden's successful campaign, releasing the pressure
on London copper.
Shanghai copper range 5.
1-52,000, London copper 6650-7000 US dollars
.
