Non-ferrous metals fell collectively The center of gravity of Shanghai copper prices shifted

In terms of spot, on November 28, the trading price of CCMN Yangtze River spot 1# copper was 64960-65000 yuan / ton, with an average price of 64980 yuan, down 720 yuan / ton; The premium was reported at 500-540 yuan / ton, and the average price was 520 yuan, up 10 yuan / ton
.
In the spot market, holders habitually ship at high prices, and downstream entry into the market is more positive than last week, and the buying sentiment of receivers rises, the overall trading atmosphere is warm, and the trading volume increases
.

On the supply side, the supply of upstream copper ore imports increased, copper ore processing fees continued to rise, and high profits stimulated refineries to resume production enthusiasm climbed, and production capacity was released
.
In terms of stocks, Shanghai copper stocks fell by 15,568 tons, or 18.
14%, to 70,249 tons last week; LME copper inventories increased modestly, up 1.
11%; Overall, global copper inventories remain low, which has a certain supporting effect
on copper prices.

On the demand side, the downstream start rate of domestic consumption has been lower
due to the traditional off-season and the impact of the epidemic.
And under the influence of weak external demand and domestic demand off-season, it is difficult for terminal copper consumption to have a good performance
.
However, recently, the domestic successive announcement of favorable policies, the "Financial 16 Articles" and the landing of the second RRR reduction, to a certain extent, have encouraged market confidence
.

At present, macro sentiment is weak, and the increasing uncertainty of the global epidemic continues to support the US dollar index higher, suppressing the trend
of copper prices.
Domestic copper fundamentals are relatively weak, supply and demand are weak, copper prices after the market situation is not optimistic
.
The supply and output is expected to increase slightly, the spot tension has eased, the consumption off-season has opened, the supply and demand are obviously contradictory, the spot atmosphere is becoming weaker, and the short-term downstream consumption is difficult to find
bright spots.

Overall, base metals rights fell, reflecting sluggish
market sentiment.
Investor sentiment has been affected by the continued growth of the global pandemic, concerns about economic growth and slowing metal demand, and the short-term copper center of gravity has shifted downward, and the trend remains weak
.