SunSirs: The Morning Post of Copper on October 11th

https://www.chemnet.com   Oct 11,2024 SunSirs

On the previous trading day, London copper opened at 9,678 US dollars/ton, peaked at 9,767.5 US dollars/ton, and closed at 9,737.5 US dollars/ton; Compared to the previous trading day, it rose by 53.5 US dollars per ton, an increase of 0.55%.

On a macro level, the US Q2 GDP quarterly final value was in line with and slightly exceeded market expectations, while the PCE price index remained relatively stable. The number of non farm payrolls in the United States exceeded market expectations. Recently released data shows that economic resilience, stable prices, and a slightly better job market have significantly cooled down recession expectations and raised expectations of interest rate cuts. In addition, positive news such as China's release of real estate further boosted copper prices.

From a fundamental perspective, domestic refined copper production in September is expected to decrease compared to the previous month, while social inventories have continued to decline for several weeks. In the month of September, domestic refined copper social inventories have almost decreased in a downward trend, which has boosted investors' confidence in positive demand.

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