Price trend

As shown in the figure above, the copper price rose slightly on November 2, with the spot price of 64,890 RMB/ton, up 0.8% from the previous trading day and down 9.03% year on year.

Analysis review

LME copper rose on Tuesday, along with global stock markets and oil prices, as investors bet that central banks would slow the pace of interest rate hikes, while the dollar weakened.

The copper inventory in mainstream areas across the country increased by 8,700 tons to 91,900 tons month on month compared with last Friday, and the total inventory was 12,000 tons lower than 103,900 tons in the same period last year. The operating rate of major large and medium-sized copper rod enterprises in China was about 69.49%, down 0.29 percentage points from last week. This was mainly due to the shortage of electrolytic copper in South China and the limited raw material procurement of several copper rod enterprises, which dragged down the operating rate. The order increment of downstream cables was limited, especially for small and medium-sized cable plants, which had a strong wait-and-see mood and slowed down the production pace.

Market outlook

The order increment of downstream cables is limited, especially for small and medium-sized cable plants, which have a strong wait-and-see mood and slow down the production pace.

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