Everbright Futures: Non-ferrous metals collectively adjust, is there still an opportunity to position in copper before the holiday?

The non-ferrous metals sector experienced a collective adjustment, with Shanghai copper intraday falling more than 3%. Overnight, the dollar index rebounded, suppressing international commodity prices. U.S. data was mixed: services PMI remained strong, while ADP employment was weak. Additionally, due to a partial government shutdown, non-farm employment and CPI data were delayed. The divergence and delayed release of data have sparked expectations of interest rate cuts. Furthermore, LME inventories increased, with total stocks across the three major global exchanges (LME, COMEX, SHFE) exceeding 860,000 tons. The inventory growth reflects weak demand recovery, and with China’s Spring Festival approaching, post-holiday demand vacuum may suppress price trends. In the short term, attention should be paid to the price correlation between non-ferrous metals and precious metals. (Everbright Futures)