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Copper market morning comment: London copper rose a total of 1.
32% during the holiday, and overnight London copper fluctuated near the 20-day moving average to close the doji, opening slightly higher to $
6683 today.
The external market is strong, and it is expected that Shanghai copper may open higher with the external market around
the 20-day moving average of 51660 today.
After the holiday, some manufacturers may need to replenish their stocks, and the uncertainty of the US presidential election increases, Shanghai copper may rise in the short term, and the overall continuation of the shock in October is more
likely.
The future market is vigilant against the development of Sino-US relations and the US election
.
Shanghai copper upper pressure 53520, lower support 51000
.
During the November period, the LME copper price fluctuated sharply, and the copper price first fell by more than 5%, and then recovered all losses
.
The main reason for the sharp price volatility was Trump's hospitalization due to coronavirus positive and later discharge, after which bipartisan negotiations on a new bailout package became the focus
of market volatility.
Democrats say it won't be less than $2.
2 trillion, and Republicans say it won't be higher than $1.
5 trillion
.
Trump halted full-scale talks on Tuesday, but his latest talk of aid for airlines and coronavirus wages gave market support
.
The copper market is mainly moved by these factors, and the copper market's own factors are a possible strike at a 110,000-ton copper mine in Chile due to wage negotiations, and Chile's copper production fell by 6.
2%
in August.
The future pandemic and the US election will remain uncertain in the market
.
In addition, China's peak consumption season is not strong, and it is inclined that Chinese consumption has returned to normal
.
It is estimated that the copper market is still in a high range
.
