Shanghai copper shock weakened, domestic downstream supply and demand are weak

During the Asian session, London copper fluctuated downward, and the latest quotation at 15:01 Beijing time was 9683 US dollars / ton, down 62 US dollars, or 0.
64%.

In terms of the market, today's domestic spot copper prices rose slightly, 1# copper price was reported at 71550 yuan / ton, up 140 yuan, premium 70-liter 130; Guangdong spot 1# copper price was 71460 yuan / ton, up 290 yuan; Yangtze River spot 1# copper 71640 yuan / ton, up 120 yuan, premium 660-liter 860; Shanghai spot 1# copper price was 71500 yuan / ton, up 50 yuan
.

In the spot market, the holders take the initiative to reduce the price of shipments, and the downstream falls into the market to inquire, the purchase enthusiasm is general, and the overall transaction is average
.
Domestic macro data performed better than expected, and low inventories strongly supported copper prices, but the heavy fall in coal weighed on market sentiment, and copper prices rose to a limited
extent.

Industry news, November 14 news: Daye Nonferrous Metals' 400,000 tons/year copper smelter commissioning date will be postponed to mid-2022, not the end of 2021, because its imported equipment or parts have been delayed
due to the impact of the epidemic.

Power cuts continue to impact, domestic downstream supply and demand are weak, and the future will face the contradiction of weakening demand and rushing to work at the end of the year, and in terms of inventory, LME weekly destocking of 22,300 tons to 100,300 tons, SHFE12 social library decreased by 12,600 tons to 82,600 tons, falling below 90,000 tons for the first time this year, copper social stocks hit a new low, copper prices are still supported, and copper is expected to rise
.