Shanghai copper trend is strong, short-term is likely to continue to rise

During the Asian session, London copper opened low and high, and the latest quotation at 15:01 Beijing time was 6966.
5 US dollars / ton, up 61 US dollars, or 0.
94%.

In terms of the market, today's domestic spot copper prices rose, Yangtze River nonferrous metal network 1# copper price was reported at 52280 yuan / ton, up 830 yuan, 110 liters of water 170; Guangdong spot 1# copper price was 52140 yuan / ton, up 820 yuan; Yangtze River spot 1# copper price 52350 yuan / ton, up 830 yuan, premium 170-liter 220; Shanghai spot 1# copper price was 52245 yuan / ton, up 805 yuan
.

In the spot market, traders actively ship, low-price sources become smooth exchanges, downstream on-demand delivery, supply and demand are still deadlocked
.
There are still disturbances in the supply of the mine end, but domestic electrolytic copper production remains at a high level, consumption performance is still poor, fundamental support is limited, and there is limited
space above copper prices.

ICSG: In 2021, there will be a surplus of 69,000 tonnes of refined copper globally, and copper demand is expected to decline by 9%
excluding China.
Overnight, London copper jumped 1.
9% to a new high and opened slightly lower at $
6,898.
5 today.
The Shanghai copper overnight session opened sharply higher, rushing back to close in Zhongyang, closing at 52030
.
Shanghai copper trading positions rose significantly, the sharp rise in the external market drove market sentiment, and the short-term may continue to rise, testing the high pressure
around 53,000.
Due to the heightened uncertainty of the US presidential election, Shanghai copper may fluctuate
in the 51000-53520 range in October.
Shanghai copper upper pressure 53520, lower support 50000
.