Domestic metal prices lacked upward momentum and maintained a weak oscillatory trend. Shanghai copper fell back, led the decline of non-ferrous metals, aluminum, lead, zinc prices were weak, rebar opened higher and lower, gold prices oscillated, the short-term is still in the adjustment. Influencing factors Peripheral market risk sentiment rose, the dollar climbed, and commodity futures and other risky assets fell. Greek Prime Minister George Papandreou said on Monday that the government will conduct a referendum on the latest EU aid program. This statement caused the market to worry about the substantive details of the European debt crisis, and the market enthusiasm subsided. The futures brokerage company MF filed for bankruptcy protection. Its biggest creditors are JPMorgan and Deutsche Bank AG. The current market is concerned about whether MF bankruptcy will bring about the chain effect of Lehman's bankruptcy in 2008. In October 2011, the China Manufacturing Purchasing Managers Index (PMI) issued by the China Federation of Logistics and Purchasing was 50.4%, down 0.8 percentage points from the previous month. The October PMI index shows that the decline in exports has begun to drag down the Chinese economy, but it is more noteworthy that the import index has fallen sharply by nearly 3 percentage points, indicating that domestic demand is also showing signs of slowing down. The economic growth rate shows signs of further decline. Variety of basic copper: The domestic copper spot market is abundant, and the overall transaction status is average. Shanghai electrolytic copper spot price rose 20 yuan / ton to premium 120 yuan / ton, flat water copper transaction price 59300-59650 yuan / ton, premium copper transaction price 59350-59750 yuan / ton. Aluminum: Domestic aluminum spot transactions are limited, and downstream procurement enthusiasm is sluggish. The domestic aluminum market inventory is still at a low level, and the cost factor will also inhibit the downward price of aluminum prices. Zinc: Domestic zinc spot market transactions are generally the same, the No. 0 zinc mainstream traded at 15,400-15,430 yuan / ton, the January contract premium was in the 30-50 yuan / ton range, but the afternoon price has dropped, the No. 1 zinc mainstream transaction In the 15250-15300 yuan / ton interval. Lead: The domestic lead spot market is lightly traded. Domestic spot brands such as lead south, Chihong zinc bismuth and Hanjiang are concentrated at 15,380-15,420 yuan/ton, and the main lead of the lead futures contract remains flat. Other lead prices are reported at 15,350 yuan/ton. . Rebar: Shanghai market thread prices continue to remain stable, Beijing market thread continues to rise 10-20 yuan / ton. Hebei Iron and Steel Group issued the order price in early November, which is the same as the October settlement price. Shagang lowered the ex-factory price of thread in the first half of November by 150 yuan/ton. After the downward adjustment, it has already fallen below the current market price, and the pressure on dealers has eased. Gold: The Reserve Bank of Australia cut interest rates by 25 basis points to 4.5%, the first time the bank has relaxed its policy since 2009. The core structural problems in the European debt crisis remain untouched. The European debt problem and the Reserve Bank of Australia's interest rate cuts will continue to provide potential support for the gold price in the long run, and the gold price may oscillate at a high level in the medium term. Operational strategy Copper prices have risen and then stabilized, and the performance has oscillated. Overall, the global economic growth slowdown has not yet broken, which is still putting pressure on the copper market. Shanghai Aluminum will still oscillate within the range of 15850-17,000 yuan / ton, short-term trading. The price of zinc is concerned with the support level of 15,000 yuan/ton. If the support is effective, there will be a possibility of further upward movement, and the short-term oscillation will be treated. Shanghai lead concerns 15250 yuan / ton, 15,000 yuan / ton first-line support, the current lead price adjustment, if the important support level is effective, lead prices may still seek a rebound. Rebar will face the pressure of insufficient demand in the later period, and the short-term will continue to oscillate. In the short-term, the optimistic expectations brought by the EU summit and last week's good economic data in the US are gradually digesting the market, and the market's long-term kinetic energy is gradually released. Due to numerous risk events this week, it is expected that the price of gold will oscillate between $1,700 and $1,760.
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