Shanghai copper still has support The market is afraid of heights

During the Asian session, London copper was weak and volatile, and the latest quotation at 15:00 Beijing time was 7670 US dollars / ton, down 30 US dollars, or 0.
39%.

Today's domestic spot copper prices fell slightly, Yangtze River non-ferrous metal network 1# copper price was reported at 57250 yuan / ton, down 170 yuan, premium 120-liter 180; Guangdong spot 1# copper price reported 57230 yuan / ton, down 190 yuan; Yangtze River spot 1# copper price 57340 yuan / ton, down 170 yuan, premium 210-liter 230; Shanghai spot 1# copper price was 57250 yuan / ton, down 90 yuan
.

In the spot market, traders are cautious in trading, fearing heights is strong, and downstream just needs consumption
.
Copper mine supply remained tight, the automotive industry resumed consumption driven by the recovery, inventories in mainstream regions continued to decline, macro sentiment was warm, and copper prices were still supported
.

Copper prices rose strongly last week and fluctuated
at high levels this week.
For the later trend of copper prices, it is expected that the market trading logic is still dominated by macro, the European and American manufacturing PMI that has been announced is higher than expected and the previous value, China's industrial profits above designated size in October increased by 28.
2% year-on-year, and the domestic economy is also in the repair process to strengthen the market's judgment on the economic recovery cycle, continuing to be optimistic about commodity demand
.
In addition, the hope of a new stimulus package in the US Congress has been rekindled, and a bipartisan group in the Senate has proposed a stimulus package of about $900 billion, and the easing of funds is expected to continue for a long time, which in turn supports copper prices to rise further
.

Fundamentally, the current overall inventory level is low, especially the inventory in the previous period has fallen to the level of less than 100,000 tons, and the warehouse receipt in the previous period is only 30,000 tons, which will stimulate speculative funds to continue to be long.

Technically, the upward trend of copper prices is also very clear
.