The main shock of Shanghai copper continued to fall, and there is still support below

Market focus: (1) There are still some constituencies in the US election that are counting votes, and Biden is currently only 6 votes away from winning the election
.
(2) The number of ADP employment in the United States increased by 365,000 in October, compared with an estimated increase of 650,000 and 749,000
in the previous month.
(3) At 3:00 Beijing time on Friday, the Fed will announce its interest rate decision, and the market expects the Fed to stand still
.
(4) The United States imported copper cathode in September at 39643788 kg, a significant decrease
from 62634289 kg in August.

Spot analysis: On November 5, spot 1# electrolytic copper was quoted at 51590-51680 yuan / ton, with an average price of 51635 yuan / ton, down 55 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that holders are willing to hold prices, traders remain cautious, downstream on-demand procurement is the mainstay, and transactions are weak
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 55,646 tons on Thursday, a daily decrease of 374 tons, down 7 consecutive days; On November 4, LME copper stocks stood at 176,650 tonnes, an increase of 7,250 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2012 contracts are 78320 lots, minus 1501 lots per day, short positions are 66456 lots, a daily increase of 750 lots, net long positions are 11864 lots, daily minus 2251 lots, more short increases, net more decreases
.

Market research and judgment: Shanghai copper 2012 volatility continued to fall
on November 5.
With Biden gaining the upper hand in the US presidential election and Trump filing a lawsuit for a recount, uncertainty has increased to dampen market risk sentiment; At the same time, domestic smelters have a high willingness to impulse at the end of the year, actively stocking copper mines, and it is expected that refined copper production will gradually increase, and copper prices will face increased pressure
.
However, the upstream copper ore processing fee TC fell back to a low level again, and the production cost of smelters continued to be high; Coupled with the recent rise in market purchasing sentiment, inventories in both markets have declined, and there is still support
below copper prices.
Technically, the Shanghai copper 2012 contract contraction and position reduction closed in the upper shadow, the mainstream position increased and decreased more, and it is expected to be weak and volatile
in the short term.