Shanghai copper fluctuated at a high level, and the long-term holiday market was mainly wait-and-see

Macro news: National Bureau of Statistics: In September, China's manufacturing purchasing managers' index (PMI) was 51.
5%, up 0.
5 percentage points from the previous month, indicating that the manufacturing boom has rebounded
.
Zhao Qinghe, senior statistician of the Service Industry Survey Center of the National Bureau of Statistics: Small business PMI returned to above
the boom and bust line.
The PMI of large, medium and small enterprises was 52.
5%, 50.
7% and 50.
1% respectively, of which small and medium-sized enterprises rose above the boom and bust line for the first time since June, and the recovery of the boom was not only favorable to the arrival of the traditional production season of the manufacturing industry, but also benefited from a series of relief and assistance policies
for small and micro enterprises.

It is reported that the Chilean Candelaria copper miners' association of Lundin Mining has rejected the final salary offer in regular negotiations, and in order to avoid the incident escalating further into a strike, the company has applied for a 5-day government mediation
.
During this mediation period, workers can exercise their right to
strike if no collective agreement has been reached between the parties.
According to sources, the second union of the Candelaria copper mine decided to vote on whether to strike
on October 4-5.
On the morning of September 23, the company's Chapada copper-gold mine in Brazil experienced a power outage, and after the power supply was restored, the substation's protection system failed, and the ball mill was damaged
after the power outage was restored.
Currently, the company is evaluating the impact of the incident on the motors, while also noting that the machines will be removed from the mine and undergo deep repairs
.

The weak industrial season in September weakened the price momentum, coupled with the slowdown in the growth rate of air conditioning production and power grid investment in September, which hindered
the rise in Shanghai copper prices during the month.
During the long holiday, uncertainty on macro news may lead to increased
LME copper price volatility during the holiday.
The copper market may be under pressure in October, pay attention to the price correction after November, and pay attention to the situation of copper inventory out
.
The main reference of Shanghai copper is 4.
95-53,500, and it is recommended to operate as the main light warehouse in the festival, maintain the concept of short-cycle rigid stocking in the upstream, and further enter the market
after paying attention to the consumption of Shanghai copper after the holiday.