Copper price drivers are uncertain The market lacks guidance in the short term

On the macro front, the dollar is in correction after a sharp rebound, and after the Fed's recent dovish speech by Powell, the market divergence on US policy has increased, and the non-farm payrolls are approaching next week, and overseas macros are still variable
.

In terms of fundamentals, spot support began to weaken, spot import window briefly opened and then returned to losses, domestic spot performance was weak, prices rebounded slightly and buying was manifested as a reduction, in addition, the latest third quarter processing fee was 55 US dollars / ton, compared with the previous copper concentrate spot TC around 30 US dollars / ton, indicating that the current shortage of copper concentrate supply has improved, Congo Kamoa, Peru Giusta, Indonesia Gerresberg and other projects have begun to contribute increments
.
Technically, copper prices are in turmoil, waiting for direction choices
.

In terms of stocks, LME copper stocks were 210975 tons, an increase of 42,300 tons from last week; Copper stocks in the previous period decreased by 18,723 tons to 153804 tons; The Shanghai Free Trade Zone warehouse was 439,000 tons, a decrease of 08,000 tons
.

There is a certain upward momentum in copper prices in the short term, mainly due to the short-term demand increase
caused by the pullback after the fall in copper prices and the release of downstream backlog orders.
In the medium and long term, copper prices may be difficult to truly rebound
.