Copper prices fluctuate, still waiting for macro guidance

Gold Ten Futures, November 6th, in the past few weeks, copper prices have shown a volatile trend, with the main contract price hovering around 76,000-78,000 yuan/ton. Until yesterday, the US election day voting began, and the Shanghai copper price showed signs of rising, briefly breaking through the shock range. In the future, at the macro level, we should continue to pay attention to the policy proposals after the US election and the corresponding domestic policy implementation. Trump's election may mean more aggressive policies, and the copper price center of gravity may be pushed higher. The fundamental side should pay attention to the upcoming copper mine long-term association price next year and the future supply increase of imported recycled copper. Overall, the future price of non-ferrous metals may not have a significant upward trend, or will continue to be dominated by strong fluctuations.