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Non-ferrous metals were mixed on Friday, as of the close, the Shanghai copper main month 2011 contract opened at 51140 yuan / ton, the highest intraday 51800 yuan / ton, the lowest 51010 yuan / ton, settled 51480 yuan / ton, closed 51470 yuan / ton, up 230 yuan
.
On the news, the number of initial jobless claims released in the United States last week rebounded slightly month-on-month, but the number of renewed jobless claims fell, and employment recovery showed signs of slowing down, but the focus of the market is still on the stimulus policy before the election, Trump is still making a final effort for the election, he proposed a stimulus plan of more than 1.
8 trillion, but the Senate opposed, seemingly abandoning Trump
.
Regardless of who is elected, the deadlock before the election and the passing of stimulus after the election are more likely, so small fluctuations in sentiment do not affect the stability of the stock market
.
The strong rebound
in the US dollar was driven by heightened fears regarding the worsening of the epidemic in Europe and the tightening of social restrictions in more regions, such as curfews, mandatory masks, and encouraging people to reduce travel.
In addition, the UK-EU negotiations have not been successful, but they may be postponed to continue talks, confirming the judgment of financial markets that a no-deal Brexit should be avoided
.
China will release key economic data for September, which is expected to continue to improve
.
Despite the dollar's rise, non-ferrous metals generally rebounded yesterday, with London copper rising to $
6,780.
China's strong imports are an important reason
for the stability of copper prices.
After the holiday, the domestic scrap copper tension intensified, electrolytic copper trading gradually active, inventory declined, spot premium rose sharply, has been close to import profits, yesterday spot premium reached 200 yuan, meaning that after the month to continue to maintain a higher premium, the price structure shows that the supply tension intensified
.
In addition, considering the elimination of uncertainty after the US election and the implementation of a new round of stimulus plans, the US dollar may continue to fall, and the RMB has room to continue to appreciate in the context of China's second victory over Europe and the United States in the second game of epidemic control, etc.
, China's imports may still maintain a high level in the fourth quarter, and this week's trade premium is also up 4 US dollars from the pre-holiday low, and imports show signs of
recovery.
On the consumer side, cable demand has slowed down but civil terminal demand such as automobiles, home appliances, machinery and other civil terminals continues to improve, air conditioning will also start a new peak season, the overall peak season is not strong, but it remains stable, temporarily lacking upward driving force, waiting for spot contradictions to continue to accumulate
.
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
.
