Shanghai copper is weak, finishing slightly down, and the trend is in a dilemma

In terms of spot, on October 13, the trading price of Yangtze River spot 1# copper was 64100-64140 yuan / ton, up 260 yuan / ton; Discount 20-liter water 20, up 100 yuan / ton
.
The intraday spot market transaction atmosphere is light, holders sell a large number of goods, downstream enterprises have little sentiment to take goods, more choose to stop and watch, trading activity is average
.

In terms of inventories, as of October 13, London Metal Exchange (LME) copper stocks decreased by 125 tons, or 0.
09%, to 145,400 tons; As of October 12, the warehouse receipt of Shanghai copper futures in the previous period was 14,093 tons, an increase of 4,425 tons
from the previous day.

On the supply side, copper mine production in Chile and Peru has been reduced one after another, and the European energy crisis will affect the risk of smelting interruption; Domestic copper stocks are still at a low level, spot supply and demand are still tight, and there is a slight gap between supply and demand in the industrial chain, which is reflected in the continuous dematerialization of inventories and the continued premium of domestic and foreign
spots.

In terms of demand, the copper pipe operating rate fell by 4.
73 percentage points month-on-month, and the consumption of real estate and its later home appliances still showed a weakening trend, but as China entered the peak season of traditional construction and the country's continuous stimulus policies, real estate demand may pick up
.
At the same time, the domestic vigorous development of infrastructure investment, and the bright production and sales data of new energy vehicles, all provide support
for copper consumption.

On the whole, the trend of non-ferrous metals continues to diverge, the macro situation is not optimistic, the US dollar continues to maintain its hegemonic position, the stock market and oil prices have been frustrated one after another, and the performance of copper prices is under pressure, but the domestic social financing data continues to improve, and copper prices have been supported to a certain extent
.
Copper fundamentals have not changed much, global copper inventories are still at a low level, and domestic new energy vehicle production and sales data are eye-catching, silver peak season is still expected, but Shanghai copper warehouse orders have risen for two consecutive days, copper prices further upward momentum is insufficient
.
In addition, the market sentiment remains cautious, mainly due to the upcoming release of the US CPI data for September, and the market widely expects that US inflation will continue to remain stubbornly high, which will prompt the Federal Reserve to continue aggressive interest rate hikes, providing support for the US dollar and putting pressure
on copper prices.
Therefore, under the macro and micro game, there is no distinction, and the trend of Shanghai copper is dilemma
.
Pay attention to the 62400-63000 front-line pressure
.