November 24 Shanghai copper brief commentary

Macro positive concentrated cashing, boosting market sentiment, the dollar index weakened, copper prices broke through the previous high
strongly.
On the supply side, domestic refined copper production continues to increase, in line with refiners' expectations of catching up with annual production, and there are tightening expectations
on the mine side.
On the demand side, China's spot stocks of electrolytic copper fell by 15,500 tons to 203,600 tons this week, and the domestic replenishment cycle drove the demand for refined copper, which has lasted for six weeks
.
However, there are still hidden worries on the current demand side, the recovery of consumption data is less than expected, the price index is down, and the current weak consumption is still an important factor
restricting copper prices.

On the news, MarkIT US manufacturing PMI index in November updated a new high in nearly 74 months, and the US dollar index continued to decline, which was positive for copper prices
.
At night, it is recommended to pay attention to the pressure effect around 55,000, and it is expected to continue the strong trend
.
Operationally, it is recommended to stay on the sidelines
.