November 3 Shanghai copper brief commentary

A few days ago, the three important ports in northern China were affected by the epidemic caused by transportation disturbances, and on October 27, Alashan Port reopened customs clearance, but the overall requirements of epidemic prevention and control, the operation efficiency is still low, the blockage phenomenon makes the port difficult to move, a large amount of copper concentrate piled up in the Alashan Port waiting for customs clearance import, resulting in the northwest copper smelter raw material supply was greatly affected, forced to reduce the amount of furnace, is expected to affect its electrolytic copper production
to a certain extent.
In terms of consumption, affected by low inventories and the closure of import windows, the overall supply was tight, and the discount of Shanghai copper and South China copper rose both up
.

LME spot copper maintained a high premium showing a tense pattern, and the market increased
supply-side concerns.
However, on the other hand, domestic economic consumption is under greater pressure, weak consumption and supply at both ends to eliminate unilateral market, technically Shanghai copper in the short term after testing around the 70,000 support level for a short term, upward breakthrough to expand the shock range, it is expected that Shanghai copper night trading may pullback, pay attention to the support and pressure in the range of Shanghai copper 7-7.
15
.
Tonight, the Fed's interest rate decision is coming, operationally, cargo merchants sell and take profit, waiting for the news of the US interest rate decision to land
.