Changjiang copper price copper.ccmn.cn Short comment: US stocks rebounded across the board, overnight London copper rose nearly 1.2%; China's plan to increase the issuance of government bonds has greatly boosted market confidence, and the current supply of scrap copper is tight and the spot premium is higher, and the spot transaction is better, and copper is expected to rise today.
[Copper futures market] : US stocks rallied across the board, boosting the market preference atmosphere, good metal consumption, overnight London copper rebounded strongly, the latest closing price of 8077 US dollars/ton, closed up 91 US dollars, up 1.15%, the volume of 20085 hands reduced 183 hands, the holding volume of 268744 hands increased 1309 hands. In the evening, the Shanghai copper high range fluctuated, and the latest closing price of the main month 2312 contract was 66,770 yuan/ton, up 570 yuan, or 0.86%.
On the London Metal Exchange (LME) on October 24, the latest inventory of London Copper was 187,475 metric tons, a decrease of 2,975 metric tons, or 1.56%, from the previous trading day.
Changjiang Copper network news: Shanghai copper opened high in the morning today, and the latest opening price of the main month 2312 contract was 66,900 yuan/ton, up 700 yuan.
On the macro side, the manufacturing industry in the United States, the preliminary Markit manufacturing PMI for October was 50, the expected value was 49.5, and the final value in September was 49.8. In the services sector, the preliminary PMI for October came in at 50.9 versus expectations of 49.8 and the final reading for September was 50.1. The preliminary manufacturing PMI for the eurozone came in at 43 in October, compared with expectations of 43.7 and the final reading of 43.4 in September. Meanwhile, the preliminary services PMI for the eurozone came in at 47.8 in October, compared with expectations of 48.7 and the final reading of 48.7 in September.
It is reported that the central government will issue an additional 2023 Treasury bonds of 1 trillion yuan in the fourth quarter to support post-disaster recovery and reconstruction and improve disaster prevention and relief capabilities, which will greatly boost China's economic development, while also very good for non-ferrous metal consumption. At present, the supply of scrap copper is tight and the spot premium is higher, the spot transaction is better, the short-term copper price maintains a strong trend in the night, and the spot copper price has risen sharply today.
According to CCMN spot copper price data, the Yangtze River spot 1# copper price was 67360 yuan/ton, up 840 yuan, premium 230-premium 270, up 80 yuan; Tianjin spot 1# copper price to 667320 yuan/ton, up 800 yuan; Guangdong spot 1# copper price to 67,400 yuan/ton, up 760 yuan; The price of 1# copper in Shanghai was 67,260 yuan/ton, up 820 yuan.
