[summary of the morning meeting of SMM copper on November 8] macroscopically boost the price of copper to more than $6000 for Gaolun copper.

[11.8 SMM Copper Morning meeting Summary] Macro aspect: 1) Ministry of Commerce: China and the United States agree to abolish the imposition of tariffs in stages as the agreement progresses; if the two sides reach an agreement in the first stage, the imposed tariffs shall be abolished at the same rate in accordance with the contents of the agreement, which is an important condition for reaching an agreement. 2) the number of new claims for unemployment benefits fell by 8000 to 211000 in the week to November 2 compared with the previous week, a larger-than-expected decline, and the US labour market performed strongly. 3) the Bank of England left interest rates unchanged, but two members unexpectedly supported an immediate rate cut of 25 basis points, suggesting that the concerns raised by the Brexit storm among Bank of England officials far exceeded market expectations, and the probability of future rate cuts rose further. Fundamentals: 1) scrap copper: yesterday's fine scrap price difference is 790 yuan / ton. The price difference of fine waste is narrowed, the economic benefit of waste copper is weakened, and the supply of waste copper is tight. The profit of scrap copper holder is low, the emotion of covering goods is strong, the terminal consumption is weak, the downstream purchase enthusiasm is still not strong, and the actual transaction is still limited. 2) Import of copper: there was a loss of 200 yuan / ton on imports yesterday. After the import continues to lose a large loss and the copper financing demand weakens, there is little actual buying demand in the foreign trade market under the import loss. At present, it only depends on individual traders to sell goods at low prices to promote a small number of transactions. Market mainstream traders fire copper bill of lading quotation in 73, QP November, counter-offer price below 70, the transaction is relatively deadlocked, warehouse receipt market almost no quotation, foreign trade copper continues to be light. 3) inventory: LME copper stocks were reduced by 3375 tons to 238550 tons on November 7. The inventory of copper warehouse receipts in the previous period was reduced by 1383 tons to 67728 tons. 4) spot: due to the sharp recovery in the market today, it is expected that the market reception sentiment will weaken, the holder may slightly lower the offer to attract market transactions. It is estimated that spot water will rise by 70 yuan to 100 yuan per ton today. Copper prices and forecasts: copper prices rose sharply in the internal and external markets last night, mainly due to important progress in the trade agreement. The two sides agreed to abolish tariffs in stages, and market risk sentiment improved significantly. CMX gold prices were once close to 1460 US dollars per ounce, which gave a strong boost to copper prices. On the crude oil side, US oil rose more than 1 per cent yesterday to above $57, indicating that the profit news of the trade agreement has improved overall demand prospects, and that market expectations for future commodity consumption have been raised, which is good for copper prices. Yesterday's gains in the three major US stock indexes continued to hit new highs, US employment data were also better than expected, the focus of the market is gradually tilting towards risky assets, and optimistic expectations for the global economy will continue to have a positive effect on copper prices in the short term. At present, the Shanghai copper receives yang, the KDJ index opening expands, the technical surface has the upward power. It is expected that today's copper 5960-6010 U. S. dollars / ton, Shanghai Copper 47300-47600 yuan / ton.