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Today, Shanghai copper tried to stop the decline and stabilize, but the upper pressure still showed heaviness, once tested, and then basically gave up all the gains
.
The basic factors of the copper market are still mostly short, and it is estimated that the short-term shock correction trend of Shanghai copper will continue
.
On the macro front, data released by the National Bureau of Statistics today showed that the real estate market in the first and second-tier cities in China's 70 large and medium-sized cities cooled down significantly in October, and the future demand for domestic industrial metals is expected to be poor
in the context of the continuous regulation of the property market.
At the same time, overnight Fed Chair Janet Yellen made hawkish comments in support of interest rate hikes, and the probability of a rate hike in December has exceeded 90%, the dollar has been boosted, while the price of non-ferrous metals such as copper and aluminum has been suppressed
.
Market: supply brands are diversified, especially the proportion of imported copper has increased, there are more low-end sources, the pressure on copper supply is still there, the discount continues to expand, speculators absorb low-priced premium copper, downstream favors low-end sources, low prices into the market, the transaction is slightly improved
compared with yesterday.
News: According to data released on the official website of the World Bureau of Metal Statistics (WBMS), the global copper market had an oversupply of 124,000 tons from January to September 2016 and 302,000 tons
in 2015.
Jiangxi Copper Co.
and McMullen Copper and Gold Company, the world's largest listed copper miner, reached an agreement to reduce copper concentrate processing fees by 5% in 2017, with crude refining fees of US$92.
5 per ton and refining fees of 9.
25 cents per pound
.
Today's Shanghai copper main contract in January morning opened low after oscillation lower, the current long and short watershed in the 10-day moving average 43450 line, if it falls below the downward adjustment will continue, short-term recommended wait-and-see
.
