Macro atmosphere eased Shanghai copper was boosted by the strong trend

In terms of spot, on October 27, the trading price of Yangtze River spot 1# copper was 64710-64750 yuan / ton, up 650 yuan / ton; Liter 400-liter 440, up 90 yuan / ton
.
In the spot market, the holders are not optimistic about the future market, the enthusiasm for shipments is not high, the sentiment of the receivers to take the goods has improved, the overall trading has picked up slightly, and the trading volume has risen
slightly.

In terms of inventories, as of October 27, London Metal Exchange (LME) copper stocks decreased by 4,975 tons, or 3.
80%, to 125825 tons; As of October 27, the warehouse receipt of Shanghai copper futures in the previous period was 30,714 tons, down 7,141 tons
from the previous day.

On the supply side, data from the National Bureau of Statistics showed that China's refined copper production in September was 946,000 tons, an increase of 5.
8% year-on-year, the highest level in a single month since last year.

On the demand side, the domestic power sector continued to drive the copper rod operating rate to rebound, but the copper strip and copper pipe operating rate declined, mainly because the consumption of real estate and its home appliances remained weak
.
Coupled with the recent outbreak of the epidemic, the demand of terminal enterprises has been suppressed
.

Overall, weak U.
S.
economic data boosted expectations that the Federal Reserve would slow down its interest rate hikes, the dollar index fell to a new one-month low, and the macro atmosphere improved, pushing Shanghai copper higher
.
At the same time, the increasingly loose supply of domestic copper concentrate and the continued fear of heights in downstream companies have further limited the increase in copper prices
.
However, low inventories and high premiums still support copper prices, and the trend of Shanghai copper during the day mainly benefits from the easing of macro surfaces, and short-term copper prices may continue to fluctuate in range
.