Fundamentals oversupply Shanghai copper trend is weak

During the Asian session, London copper fluctuated at a low level, and the latest quotation at 15:01 Beijing time was 6539.
5 US dollars / ton, down 56 US dollars, or 0.
85%.

Today's domestic spot copper prices fell, Yangtze River nonferrous metal network 1# copper price was reported at 50770 yuan / ton, down 870 yuan, premium 0-60; Guangdong spot 1# copper price reported 50730 yuan / ton, down 860 yuan; Yangtze River spot 1# copper price 50850 yuan / ton, down 890 yuan, premium 100-liter 120; Shanghai spot 1# copper price was 50720 yuan / ton, down 905 yuan
.

In the spot market, holders tested prices in the morning, traders shipped a large number of goods, and downstream consumption improved
.
Copper prices are under pressure with strong dollar indices and hopes of a rapid economic recovery dampened by the pandemic, waning hopes for more stimulus packages in the United States
.

Although the domestic copper fundamentals exceeded demand in September and were weak year-on-year, the current weak consumption state is only
staged.
If downstream consumption improves significantly in October, it will help break the current deadlock and push copper prices to open an upward channel
.
Copper prices maintain a weak range oscillation in the short term, and remain bullish
in the medium and long term.