October 20 Shanghai copper brief commentary

Fundamentally, BHP Group's quarterly report shows that the company's copper production in the quarter ended September 30, 2021 (third quarter) was 376,500 tons, down 9% year-on-year and 7% month-on-month, and the full year of fiscal 2022 is expected to be 159-1.
76 million tons
.
Strategically, the previous copper price valuation system was broken by the global energy crisis, and a new valuation model is still being established.

At present, the domestic fundamentals and economic pattern do not support a sharp rise in copper prices, with the high copper price against consumption to bring further containment, copper price high pattern can not continue, it is expected that Shanghai copper will stabilize overnight, or there will be a slight rebound, pay attention to the support buffer effect around 7.
26-72,800, observe market confidence on this round of price adjustment dynamics
.
In terms of operation, wait and see is the mainstay, and downstream stocking is just needed
.