Shanghai copper fluctuated at a low level, and the market wait-and-see mood was strong

During the Asian session, London copper rushed back down, and the latest quotation at 15:10 Beijing time was 7645.
5 US dollars / ton, down 29.
5 US dollars, or 0.
38%.

In terms of the market, today's domestic spot copper prices remained stable, Yangtze River non-ferrous metal network 1# copper price was reported at 57290 yuan / ton, up 40 yuan, premium 120-liter 180; Guangdong spot 1# copper price was 57350 yuan / ton, up 120 yuan; Yangtze River spot 1# copper price 57360 yuan / ton, up 20 yuan, premium 210-liter 230; Shanghai spot 1# copper price was 57250 yuan / ton, flat
.

In the spot market, holders continue to hold prices, the market wait-and-see sentiment is strong, the downstream rigid demand is the mainstay, and the transaction is light
.
Chile's national copper company Codelco copper production continues to grow, inventory dematerialization may slow down, LME copper inventory decline narrowed, but the macro atmosphere is generally warmer
.

Fundamentally, the current overall inventory level is low, especially the inventory in the previous period has fallen to the level of less than 100,000 tons, and the warehouse receipt in the previous period is only 30,000 tons, which will stimulate speculative funds to continue to be long.

Technically, the upward trend of copper prices is clear
.

Copper prices rose strongly last week and fluctuated
at high levels this week.
For the later trend of copper prices, it is expected that the market trading logic is still dominated by macro, the announced European and American manufacturing PMI are higher than expected and the previous value, China's industrial profits above designated size in October increased by 28.
2% year-on-year, and the domestic economy is also in the repair process are strengthening the market's judgment of the economic recovery cycle, continuing to be optimistic about commodity demand
.
In addition, U.
S.
House Speaker Nancy Pelosi and Senate Democratic leader Schumer support the immediate start of stimulus negotiations based on the $908 billion bipartisan package, and Biden also expressed support
for the bailout package.
Capital easing is expected to continue for a long time, which in turn supports copper prices to rise further
.