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Copper fell last week but rebounded
after encountering a support at a low over the weekend.
The epidemic in Europe has entered the second wave, and the epidemic in the United States is also obvious again, but this week the United States will vote for the news of the 22,000 yuan rescue plan to the market support
.
LME spot premiums fell sharply to single digits in the copper market, and domestic and foreign inventories fell last week, but considering that last week was the last stocking period before the November holiday, the market lacked fundamental cooperation this week, and this week's economic data and the US stimulus package vote were the focus
.
On Thursday, the country entered the eleventh long holiday, and the market opened on the 9th, and everyone prepared for the holiday in advance
.
According to the International Copper Research Group (ICSG), after an oversupply of refined copper of 130,000 tons at the end of the first quarter, the refined copper market turned to a supply shortage of 235,000 tons
in the first half of this year.
ICSG added that global refined copper performance in the first half of this year, adjusted for changes in China's bonded warehouse inventory, showed a supply shortfall of 278,000 tonnes
.
Zambia's finance minister said he would remove import duties on copper ore and copper concentrate to encourage local processing
.
The market is worried that the second outbreak of the global new crown epidemic may restart economic restricted activities, and the uncertainty of the government's new round of rescue measures has caused the global capital market to sell heavy pressure, and Shanghai copper is inevitable, it is recommended to wait and see
.
