November 18 Shanghai copper brief commentary

Affected by the stabilization and recovery of overseas London copper inventory, the spot premium of London copper fell sharply, and the effect of low inventory on price support weakened, and Shanghai copper fell sharply below the previous support level of 70,000 in early trading, and the support level around 69,000 bottomed into shock, and the competition for positions was fierce
during the day.

At present, the aftermath of the Fed's expected interest rate hike remains, and the high level of the US index suppresses the rally in non-ferrous metal prices
.
At present, the supporting factors of Shanghai copper have weakened, and the weak pattern of supply and demand on the fundamental surface has reduced the momentum, and the general trend is prone to fall and difficult to rise
.
It is expected that the overnight Shanghai copper is mainly sideways, paying attention to the 69,000 support competition during the day, the upper pressure level is around 69,500, and the lower round of support is around
67,500 after the break.
Operationally, it is recommended to wait and see and clean up the inventory
in a small amount.