Shanghai copper fluctuates in a narrow range The market demand for copper remains sluggish

Externally, the OECD sharply lowered its expectations for world economic growth this year from the previous 3.
2% to 2.
9%, and issued a warning to the global economic trend, overnight London copper weak shock, the latest closing quotation of 5794 US dollars / ton, down 11 US dollars, down 0.
20%, the volume of 10026 hands decreased by 3059 lots, and the position 283996 hands decreased by 7704 lots
.

In terms of the market, the domestic spot copper price fell slightly, and the copper price of Yangtze River nonferrous metal network 1# was reported at 47400 yuan / ton, down 70 yuan, and the premium was 200-260; Guangdong spot 1# copper price reported 47270 yuan / ton, down 20 yuan; Yangtze River spot 1# copper price 47450 yuan / ton, down 60 yuan, premium 270-liter 290; Shanghai spot 1# copper price was 47395 yuan / ton, down 65 yuan
.
In the spot market, holders took the initiative to reduce the price in order to seek transactions, and the market hedging sentiment was stronger, and the purchase volume was reduced
compared with the previous day.
For the "gold nine silver ten" consumption expectations are still more optimistic, wire and cable consumption has signs of continued recovery, copper prices bottom there is support, after a pullback may rise again
.

Analysts said China's demand for copper remains sluggish, with increased production and weak demand making it difficult for the market to rebalance and copper prices will fall into a tight range for some time
.
The data shows that the overall performance of the domestic air conditioning industry is not good, and the retail scale of domestic air conditioning in the cold year of 2019 reached 60.
56 million sets, with sales volume down 7.
59% year-on-year and sales falling 9.
95%
year-on-year.
However, domestic wire and cable consumption in September showed signs of continued recovery, and spot copper prices are expected to rise or fall little
.