On the previous trading day, London copper opened at 9,014.5 US dollars per ton, peaked at 9,047 US dollars per ton, and closed at 8,972.5 US dollars per ton; Compared to the previous trading day, it fell by 50.5 US dollars/ton, a decrease of 0.56%.

On a macro level, Federal Reserve official Goolsby recently stated that US inflation has significantly decreased compared to previous periods, but the US economy and job market have shown relative resilience, and the pace of interest rate hikes may slow down in the future to be closer to inflation targets. Due to Gulsby's dovish stance, this statement quickly cooled down the market's previous expectations of interest rate cuts, and the strengthening of the US dollar put pressure on copper prices.

Fundamentally speaking, there is still a shortage of copper concentrate and short-term cold material supply on the raw material side. In November, due to maintenance of some large enterprises and insufficient raw material supply, it is expected that production will decrease month on month. Domestic consumption is gradually weakening, and social inventory remains stable at a low level.

Overall, the short-term macro positive sentiment has temporarily faded, the real contradiction between supply and demand is not obvious, the social treasury has fluctuated slightly, and the short-term copper price may mainly fluctuate to be weaker.

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