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China’s new economic policies are expected to be introduced, and on the 12th, copper prices are likely to experience limited fluctuations.

Oil prices saw a significant decline as global economic uncertainties and high London copper inventories weighed on the market. However, the prospect of China introducing new economic stimulus policies to boost sentiment may limit the extent of copper price fluctuations on the 12th.

Amid a sharp decline in oil prices due to overseas political factors affecting market confidence, London copper weakened and closed at $8,001 per ton on the 11th, down $28 or 0.35%. Trading volume decreased by 2,133 lots to 15,520 lots, and open interest decreased by 4,354 lots to 271,256 lots. Shanghai copper opened lower but showed a late rebound, closing with a small gain, with the front-month October 2311 contract closing at ¥66,650 per ton, up ¥20 or 0.03%.

On October 11, London Metal Exchange (LME) copper inventories increased by 8,150 metric tons to 179,675 metric tons, a 4.75% increase from the previous trading day.

Today, Shanghai copper opened lower with the front-month October 2311 contract opening at ¥66,590 per ton, down ¥40. The global economic situation remains turbulent, and high copper inventories in London put pressure on the market. Overseas geopolitical crises have deepened, causing disruptions in the financial markets. Major central banks in Europe and the United States have maintained high-interest rates, and the Federal Reserve’s policy stance is expected to remain uncertain, making market risk sentiment unstable.

With demand remaining lackluster, copper production continues to increase, and the market expects a global copper surplus next year, potentially keeping commodity prices suppressed in the short term. However, the prospect of China introducing new economic stimulus policies to boost sentiment and limit the extent of price declines may help restore bullish confidence to the market, and it is expected that copper prices on the 12th will experience limited fluctuations.

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