September 21 Shanghai copper brief commentary

The macro overseas epidemic spread trend has not changed, European and American economic data have recovered, but the overall recession continues
.
The direction of the US election has a greater
impact on the US dollar.
Domestic monetary and fiscal policies are active, with investment such as large infrastructure to drive economic recovery, downstream demand recovery is relatively fast, non-ferrous metals as a whole maintain a strong trend, but the recent peak season gradually passed, and the peak period of demand gradually declined
.
The recent escalation of the conflict between China and the United States has continued to aggravate overall market anxiety
.

At present, due to factors such as global inventory transfer and market confidence, the pattern of external strength and internal weakness continues, and when the domestic traditional industrial season is not booming, the follow-up price momentum further shifts to the terminal growth of copper demand after October, and the short-term support for copper prices remains above 50,000, and the single-day amplitude may increase under strong resilience, and it is expected that the night market and tomorrow's Shanghai copper will maintain a high adjustment pattern, or there will be a slight shock fall, it is recommended to pay attention to the support around 52,000 and below
.
In terms of operation, the upstream can be properly stocked at a low level, and the cargo merchants are mainly
wait-and-see.