沪铜继续回落 社会库存重新累积【10月31日SHFE市场收盘评论】

Core Viewpoint - Copper prices have declined by 1.67% due to weakened market sentiment following macroeconomic developments and an increase in social inventory, despite ongoing support from tight mining conditions [1] Group 1: Market Sentiment and Economic Factors - Recent easing of US-China trade tensions and a slight interest rate cut by the Federal Reserve in October have not improved market risk appetite, leading to declines in both US and A-shares [1] - The initial upward movement in copper prices was hindered by weak demand from downstream sectors, resulting in an expansion of the spot discount and a return to accumulation of social inventory [1] Group 2: Supply and Demand Dynamics - Despite important agreements on trade issues between the US and China, cautious statements from the Federal Reserve regarding future rate cuts and the European Central Bank's pause on rate cuts have created uncertainty about the global monetary easing path [1] - The supply side remains challenged with ongoing disruptions in overseas mines and low inventory levels in non-US regions, while the price of London copper at $11,000 needs further confirmation [1] - Short-term expectations suggest that copper prices will remain in a high-level range of fluctuations [1]