沪铜暂时企稳 供需面有一定支撑【11月19日SHFE市场收盘评论】

Core Viewpoint - Copper prices experienced a slight increase of 0.17% at closing, influenced by a decrease in expectations for a Federal Reserve interest rate cut and ongoing supply constraints from mining operations [1] Group 1: Market Dynamics - The market is currently facing pressure due to reduced expectations for a December interest rate cut by the Federal Reserve, alongside a significant drop in U.S. stock markets, which has dampened market risk appetite [1] - Despite the pressure on copper prices, there is a slight recovery in domestic consumption as prices have retreated, leading to an increase in operating rates among downstream enterprises and a minor reduction in domestic inventory levels [1] Group 2: Supply and Production - Freeport-McMoRan announced plans to resume large-scale production at its Grasberg mine in Indonesia in the second quarter of next year, with expectations that copper and gold production will remain stable at approximately 1 billion pounds of copper and 900,000 ounces of gold by 2026 [1] - The copper mining sector is experiencing increased disruptions this year, with domestic copper concentrate processing fees remaining low, indicating significant negotiation pressures for domestic smelters and overseas miners as the year ends [1]