Shanghai copper runs strongly, and it is not recommended to blindly chase higher

In the spot market, holders are not eager to exchange cash, traders have received goods at more discounts, the stalemate between buyers and sellers is obvious, and the trading atmosphere is difficult to improve
for the time being.
Domestic spot copper prices rose slightly during the day, and the price of Yangtze River nonferrous metal network 1# copper was reported at 47420 yuan / ton, up 170 yuan, and the premium was 10-70; Guangdong spot 1# copper price was reported at 47350 yuan / ton, up 190 yuan; Yangtze River spot 1# copper price 47450 yuan / ton, up 140 yuan, 60-80 liters; Shanghai spot 1# copper price was 47370 yuan / ton, up 145 yuan
.

Industry News:

1.
Glencore reported on Friday that its copper production fell 3.
8 percent in the third quarter as it prepared to close its Mutanda operations in Congo, while its cobalt production rose 11 percent
.

2.
Manila, Oct.
24 -- Philippine mining regulators have recommended lifting a three-year moratorium on environmental permits for the Tampakan copper-gold project, although other problems facing the project will still hinder its development
.
The Tampakan copper-gold mine is the largest of the suspended projects, previously controlled by commodities giant
Canoncore.
The project has an estimated copper resource of 15 million tons and gold reserves of 17.
6 million ounces
.
The Tampakan copper-gold mine has the potential to become one of
the largest copper mines in the world.

Shanghai copper fluctuated intraday on Friday, opened higher in the night and rose slightly, the main contract closed at 47460, and the center of gravity shifted
up.
Last week's turmoil in Chile was the most important factor affecting copper prices, although the current news said that the copper mine strike under the influence of the turmoil is basically over, but the problem of blocked roads and poor transportation still exists, and the price of Shanghai copper rose overall last week due to supply-side news disturbance
.
Domestic refined copper supply did not see obvious disturbance in the short term, last week domestic social stocks began to degrade, port arrivals are still small, bonded zone inventory maintained a downward trend
.
Before the downstream consumption data, especially the grid investment has not seen significant improvement, the current supply-side disturbance is not enough to bring a trend to copper prices, Shanghai copper early 48000 around the resistance is large, the operation is not recommended blindly chasing higher, waiting for the opportunity
to sell short or short call options.