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Copper prices have rebounded this week, with support increasing
again when Shanghai copper hit a previous low around 48,500 on Tuesday.
With the news of trade negotiations between China and the United States, the market has shown a certain optimism
about the negotiations.
Market funds also showed signs of buying dips, which pushed copper prices up
.
And boosted by the fall of the US dollar's high, copper prices once moved towards 50,000 pressure, but as copper prices rose, funds began to sell
high.
Copper prices began to enter a volatile, around 49,500 is a dense moving average area, it is still difficult to break away in
the short term.
Domestically, on November 14, the Bureau of Statistics announced that fixed asset investment from January to October increased by 5.
7% year-on-year, rebounding for the second consecutive month, of which infrastructure investment increased by 3.
7%, an increase of 0.
4 percentage points
over the previous September.
The decline in demand has eased, and favorable policies continue to ferment.
On the international front, on November 14, the British cabinet passed the draft Brexit, and the EU will hold a Brexit summit in Brussels on November 25 to sign the withdrawal agreement, although it still needs to wait for the parliamentary vote
in December.
After the incident, the pound and the euro rose, and the dollar continued to fall after breaking a new high on the 13th, which was conducive to the bottom of copper prices
.
In the market, with the rise in spot copper prices this week, the premium has not changed much, and the good copper premium remains at about
60-80 yuan.
However, there was spot delivery this week, and after delivery, the premium briefly rose to 120 yuan due to the month change, but then returned to normal
.
In general, the market has sufficient supplies of electrolytic copper, and the holders also choose the opportunity to raise prices, and the consignees and downstream are mainly buying on demand, buying mostly on the dip, and the overall market is not optimistic
.
Since the brief opening of the import profit window in September, it has recently shown a closed state, and the degree of loss has widened
in recent days.
This trend will continue
in the short term.
Summary: With the gradual fermentation of favorable policies, infrastructure investment picked up in October, and the demand side is expected to improve; Trade negotiations are approaching, and there are more positive signals from the market, which is still a hot spot in the near future; At the same time, the draft Brexit was passed, and the bulls took profits after the dollar broke a new high, which significantly boosted copper prices this week; However, the overall pressure on the US dollar is still high, the short-term news brings limited benefits, and the market is still waiting for heavyweight negotiations
at the end of the month.
The continued rally is doubtful, and the volatility is expected to be weak next week
.
