The US dollar index stopped falling and rebounded, and copper generally showed a volatile trend

On the macro front, the new round of fiscal stimulus in the United States is still in chaos, the dollar index stopped falling and rebounded, and copper prices were suppressed
to some extent.
On the supply side, Collahuasi labor and management have reached an agreement, but the risk of strike at Chile's Escondida copper mine has heated up, and the supply side still has strong support, the processing fee TC at the smelting end last week maintained 48 US dollars / ton, the price of sulfuric acid increased by 30 yuan / ton at 144 yuan / ton but is still at a low level, and the short-term supply is tight and difficult to break the situation
.

On the demand side, the overall transaction performance of the spot market is good, but the transaction is mostly concentrated among traders and the source of goods is mainly around low-priced flat water copper, and downstream enterprises are afraid of heights
.

In terms of inventories, the previous inventory accumulated slightly last week by 1383 tons, and the LME inventory accumulated 225 tons on October 13, and the global explicit inventory was at a low level
.

In general, the current macro uncertainty factors before the US election increase, Europe is facing the second impact of the epidemic, the new round of fiscal stimulus in the United States has been postponed to the election, there are more macro uncertainties, and the fluctuations outside the National Day also indicate that the short-term market is trading macro sentiment
.
Risk points focus on whether the consumption performance in the peak season meets expectations and the overseas epidemic, and it is expected that Shanghai copper will maintain a high range of volatility in the short term
.