Sep 30 (LTIT) –As the first debate of the US election is approaching, the performance of metal futures fluctuates, and the negotiation of the agreement between the UK and the EU is expected to make a breakthrough. As the EU has made concessions, the strength of the euro makes the US dollar index fall. The upstream copper supply is gradually recovering, the copper processing fee (TC) determined by CSPT Group is raised by USD 5/ton in the fourth quarter, and China's smelting output is gradually increasing. However, the copper processing fee (TC) is still at a low level, and the supply of scrap copper is tight, which makes the smelting cost still high.

However, due to the rebound of overseas epidemic, the demand weakened, the import losses of China increased, and some goods flowed overseas, which led to a sharp rebound in copper stocks and weak upward momentum of copper prices. At present, the inventory of 300 series is still at a low level due to the good performance of the domestic stainless steel downstream market and the increase of market purchases near holidays.

However, with the increase of stainless steel output and the end of early maintenance, the steel mills are in full production, which is expected to continue to increase in September and October. There is still a risk of accumulation in the market outlook, which limits the space above the steel price.