Copper: The United States announced a 3.2% increase in GDP in the third quarter, higher than market expectations. The U.S. dollar index rebounded, and copper prices fell back. /Ton. At the industry level, LME inventories decreased by 250 to 81,100 tons yesterday, the proportion of canceled warehouse receipts decreased, and the Cash/3M discount was US$24/ton. Domestically, the spot premium in Shanghai rose to 570 yuan/ton yesterday, and the supply of goods was tight, and the holders continued to raise prices, and the market trading activity decreased. In terms of import and export, domestic copper spot imports made a small profit yesterday, and the Yangshan copper premium stopped falling. In terms of scrap copper, the price difference of domestic refined scrap expanded to 1920 yuan/ton yesterday, and the advantage of scrap copper substitution increased. At the price level, the Federal Reserve's interest rate meeting is hawkish, and risk appetite in overseas markets has decreased. However, from the perspective of inflation expectations, the probability of a short-term sharp decline is low, and the impact on copper prices is not great. The domestic policy is positive, but the actual demand is weak, and the overall supply and demand maintain a tight balance. According to the net import of refined copper in November, the apparent domestic consumption is slightly better than expected. The short-term copper price is expected to continue to fluctuate at a high level. The reference range for the main operating range of copper in Shanghai today is: 64800-66000 yuan / ton.