November 8 copper market morning review

At the macro level, the Fed's tapering of bond purchases had limited impact on the market, and the dollar index did not rise but fell on the day, reflecting that investors had almost digested the risk event
.
Therefore, in less than 2 months this year, copper prices will return to fundamentals
.

From the current fundamental point of view, combined with technical analysis, we can see that there is a strong support level around 70,000 yuan per ton, which is a new balance
achieved by the market after the third quarter adjustment.
This position can be used as a reference
for price fluctuations in the fourth quarter.
At present, although the supply of copper mines is stable, copper production has been reduced
due to power restrictions.
Under the guidance of relevant national departments to ensure supply and price stability, copper may rebound
in November.
Strategically, it is recommended to go long the main Shanghai copper futures contract around 70,000 yuan per ton, and the stop loss position is around
68,000 yuan per ton.