Brief review of Shanghai copper on November 2

Recently, the market continued to pullback, the market trading activity at the beginning of the month increased, in the state of low absolute inventory, Shanghai copper and South China copper premium both rose
.
In terms of inventory, the LME continued to destocking sharply, SHFE accumulated slightly, and the 1st social stock accumulated slightly from the 29th by 14,000 tons to 103,900 tons
.
In terms of imports, the LME0-3 liter discount expanded again to 312.
5 US dollars / ton, the import window was closed, the buyer was cautious overall, and the actual transaction was light
.

Affected by the suspension of production at Peru's largest copper mine, the news pushed Shanghai copper to hit the 71,000 mark in early trading, but with the black series falling again, dragging down the support level of 69,700 before the Shanghai copper dip slightly stabilized
.
At present, the macro environment is still bearish, and the recent focus on the main force of Shanghai copper 70,000 mark first-line competition for support, if there is a support effect, there will be a slight rebound, and there is still the possibility of accelerating weakness in the follow-up, directly breaking down to find 69,000 first-line support
.
In terms of operation, it is recommended to wait and see, wait for the rebound high and then sell the goods, and enter the short order
.