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On Monday, the main Shanghai copper contract 2011 closed slightly lower at 51170 yuan / ton, down 0.
60%.
On the macro front, China's GDP growth in the third quarter was less than expected, increasing by 4.
9% year-on-year: 5.
2% expected, and copper prices fell
sharply.
In addition, as the number of new coronavirus cases climbs, European governments have tightened restrictions and triggered market concerns
.
In terms of the market, the average price of electrolytic copper in Shanghai Nonferrous Metal Network 1# in the last trading day was 51610, down 210, spot premium 185, premium narrowing 25
.
Copper stocks in the previous session rose by 225 tonnes to 67,600 tonnes, while LME copper stocks decreased by 950 tonnes
.
On the news, it is reported that the Escondida copper miners' association in Chile, labor and management reached an agreement
.
On the demand side, as the epidemic is gradually controlled and the global economy continues to recover, copper demand represented by power grid and real estate demand will continue to recover, and automobile demand will continue to improve
.
On the whole, the domestic gold nine silver ten consumption season failed to arrive as scheduled, the sudden strike on the supply side may lead to a tightening of copper supply in the future, and there is no obvious sign of improvement on the demand side for the time being, but the fourth quarter as the peak investment of power enterprises, there are still good expectations in China
.
In the short term, it is still volatile
.
