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Shanghai copper ran strongly in the morning on Friday, rising nearly 2%, and the market began to weaken in the afternoon, narrowing its gains to 1.
05%.
Global copper explicit inventories fell, and the pressure on accumulation eased, but the market sentiment was bearish in the afternoon, dragged down by the decline in surrounding metals, and Shanghai copper rushed back down
.
On the macro front, the domestic government continued to stabilize the economy
.
Expectations of a fast-paced Fed rate hike supported the dollar, but the news of the resignation of the British prime minister boosted non-US currencies such as the pound, and the dollar index retreated
.
On the supply side, the risk of supply disruptions remains, with the LME discussing the possibility of banning Russian metals trading, and this is the focus
of the LME Annual Meeting.
The supply of copper concentrate is loose, and TC continues to rise; New production capacity was launched, and the domestic refined copper output in September was 909,000 tons, an increase of 6% month-on-month and 13% year-on-year, and the supply pressure gradually increased
in the later period.
On the demand side, more than 1.
5 trillion yuan of infrastructure projects started intensively in September, infrastructure investment was further strengthened, and infrastructure construction is expected to enter a new round of construction strengthening stage in the fourth quarter; new energy vehicles continue to be strong supply and demand; home appliances are dragged
down by real estate.
In terms of stocks, on October 20, the copper of the previous period decreased by 5,477 tons to 65,070 tons
.
LME copper stocks fell 2,300 tonnes to 136,700 tonnes, down 6,250 tonnes from the beginning of
the week.
To sum up, the macro uncertainties are large, the supply side is loose, and on the demand side, the demand for new energy is strong, and the traditional demand is weak
.
It is expected that copper prices will maintain a wide range of volatility in
the short term.
