On a macro level, the Fed cut interest rates by 25 basis points during its interest rate meeting, which is basically in line with the mainstream market's expectation of a moderate rate cut. However, in this statement, Fed Chairman Powell's words were slightly hawkish, and the expectation of another rate cut in December was slightly wavering.

In addition, Trump was elected as expected in the US presidential election. Although the Federal Reserve is theoretically not at the mercy of the White House, if Trump takes office and implements plans such as fiscal spending and infrastructure, there is a possibility that inflation will rise again. Coupled with Powell's hawkish remarks this time, the market's expectations for a gradual interest rate cut have increased.

Fundamentally speaking, the domestic refined copper production in October decreased slightly compared to the previous month, and the domestic social inventory fluctuated slightly. Overall, the short-term political and monetary uncertainty in the United States has increased, and the traditional peak season in China is gradually receding. From the perspective of inventory, the current supply-demand contradiction is not yet obvious, and short-term attention should be paid to the impact of domestic fiscal policy implementation on copper prices.

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