He Haihai: The base metals mostly closed up on Friday, copper rose 1.3%, as the US dollar/euro fell to a record low. Today's Shanghai copper prices gapped higher and opened higher, opening prices oscillated in a narrow range, and long and short differences continued to expand. With the increase, domestic copper is facing immediate delivery. The huge price difference between the near and far futures also supports prices. On Friday night, the exchange rate market fluctuate dramatically. The overnight exchange rate of the euro successfully broke the high resistance of the previous M-shares and set a new high of 1.2986. Looking at the current trend, the momentum of the euro is still strong after the uptrend of the Euro. It is not easy to say whether there will be a fall in the short-term. However, due to the extreme upward trend in the exchange rate market, this strong characteristic is likely to have an inertia component. In general, there are still many variables in the short term. In the period of rising interest rates, interest rate hikes will have a certain boosting effect on the US dollar. The U.S. trade balance for September, the budget for October, and the decision of the Fed’s interest rate policy to be announced this Wednesday will be an important factor in the change of the U.S. dollar. With the tight spot market in the copper market, it will continue to support copper prices. Inventory, continued to decline, November 5 LME inventory reported 74,000 metric tons, a daily decrease of 1750 metric tons, COMEX stocks reported 43,543 short tons, minus 517 short tons, SHFE stocks this week reported 22,934 tons, a week fell 6,686 tons. Maintaining low levels of inventory supports prices. Technically, London copper rebounded slightly to close the Yangxian line, indicating that the market is in the process of exploring the trend. The tight spot supply situation supports prices continuing to test the US$3,000 line. Operational advice: short-term operation
