Shanghai copper runs strongly, and market sentiment is generally cautious

During the Asian session, London copper jumped back down, and the latest quotation at 15:01 Beijing time was 9576 US dollars / ton, down 64 US dollars, or 0.
66%.

In terms of the market, today's domestic spot copper prices fell sharply, 1# copper price was 71720 yuan / ton, up 950 yuan, premium 470-530; Guangdong spot 1# copper price was 71460 yuan / ton, up 1070 yuan; Yangtze River spot 1# copper 71770 yuan / ton, up 1040 yuan, premium 430-liter 610; Shanghai spot 1# copper price was 71575 yuan / ton, up 815 yuan
.

In the spot market, downstream procurement is still sluggish, demand is still weak, supply and demand are deadlocked, and the overall transaction performance is weak
.
Domestic and foreign copper inventories are still at a low level to support copper prices, and domestic copper production continues to decrease, but the terminal consumer market lacks bright spots in the short term, and is still driven by market sentiment, copper prices are still fluctuating in
the short term.

Peruvian Minister of Economy and Finance, Pedro Frank, said on Thursday, October 28 that the draft tax reform bill submitted by the government proposes to increase the income tax (IR) rate for mining companies with high operating profits, but will not create new taxes
.

At present, copper inventories are still at a low level, the market pattern is still tight, the domestic coal fell to stabilize after the market to pick up, today Shanghai copper rebound back to shock, the overall contraction of market trading, the mood is generally cautious, it is expected that copper will rise
slightly.