SunSirs: The Morning Post of Copper on November 6th
November 06 2024 14:23:20 SunSirs (John)
On the previous trading day, London copper opened at 9,671 US dollars/ton, peaked at 9,782 US dollars/ton, and closed at 9,733 US dollars/ton; Compared to the previous trading day, it rose by 57 US dollars/ton, an increase of 0.59%.
On a macro level, the core PCE index in the United States recorded year-on-year and month on month growth in September. Although the market still believes that there will be another interest rate cut at the end of the year, the expectation of a 50 basis point rate cut has weakened, and copper prices are weak in the short term due to macroeconomic sentiment.
Fundamentally speaking, the destocking of electrolytic copper in China has significantly slowed down since October, and the adjustment of copper prices has constrained downstream consumer willingness, resulting in a strong wait-and-see sentiment. After the traditional peak season, coupled with a slowdown in destocking, copper prices are under pressure in the short term.
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