September 29 Copper Market Morning Review

With China's National Day holiday approaching, signs of early active bulls leaving the market have increased, and financial markets as a whole are expected to give up some of their
gains given the recent hawkish tone of the Fed and the tapering of stimulus programs 。 In the context of frequent style switching in the current financial market, non-ferrous metals still show resilience in turbulent times, and their price elasticity is mainly due to the continuous fermentation of hot concepts such as new energy and new infrastructure and carbon neutrality, and the promotion of tight supply and demand of copper and aluminum under the dual control policy of energy and low inventories.

Under the premise that domestic and foreign financial markets have not yet exposed systemic risks, non-ferrous metal prices led by copper and aluminum still have strong structural support, and short-term copper prices may step back to the lower edge of the 68000-72000 yuan shock range
.