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Market review, the main force of Shanghai copper Cu2012 fell back after rushing high in the last trading day, the lowest was 50830, the highest was 51480, and closed at 50940, closing down 1.
03%; The night session fluctuated
in a narrow range.
On the outside, LME copper fluctuated weakly, with a low of 6693 and a close at 6713, down 0.
42%.
Fundamental news, the average price of electrolytic copper in Shanghai Nonferrous Network 1# in the last trading day was 51530, down 50, spot premium 155, premium narrowing 5
.
In terms of stocks, copper stocks fell by 15,800 tonnes to 139,600 tonnes last week, warehouse receipt inventories fell by 4,184 tonnes, and LME copper stocks fell by 9,000 tonnes
.
Copper ore processing fees are still below $50, and the mine end is slightly tighter or continued a few years ago, focusing on the recent annual long-term order negotiations
.
Downstream cable consumption has not improved, becoming the biggest constraint
on the demand side.
At the macro level, the US dollar index has continued to rise recently, putting pressure
on non-ferrous metals.
The severe epidemic situation in Europe and the United States, and the second blockade of Germany, France and the United Kingdom, helped to increase the relative value of the US dollar; The results of the US election will be announced this week, and the prices of various assets fluctuate sharply, beware of black swan events, participate cautiously, and wait for the election results to land
.
China's manufacturing PMI in October was 51.
4%, down 0.
1 percentage points month-on-month, still above the critical point; the new orders index was unchanged from the previous month; the raw material inventory index was 48.
0%, down 0.
5 percentage points month-on-month, and the pace of manufacturing rebound slowed down
.
Overall, the fundamental contradiction of the copper market is not prominent, copper prices are mainly to follow macro sentiment changes, today's Shanghai copper or shock is weak, Cu2012 reference range: 50500-51400, short short operation
.
