Market Focus: The base metals went down before the third Wednesday (November 17), trading light copper prices supported by tight spot supply, spot premiums remained at around $120/tonne, there are rumors that LME and SHME stocks may appear Dropped significantly. China's retail sales in October were higher than expected, up 14.2% year-on-year, reaching a five-month high, and partly affected by high oil prices. FDI (foreign direct investment) also reached US$5.1 billion, exceeding market expectations. From January to October, FDI totaled US$53.8 billion, up 23.5% year-on-year, exceeding the US$53.5 billion in 2003. Chinese manufacturers said on Monday that the Chinese government may reduce the export tax rebate for aluminum building materials from 13% to 11% to cold cut high-energy industries. Some officials also pointed out that an export tax rebate of 8% on unprocessed aluminum and primary aluminum exports may be abolished by the end of the year. In October, Chile’s copper export revenue doubled to US$1.433 billion, mainly due to China’s strong demand and high copper prices. From January to October, the export value of Chilean copper reached US$11.658 billion, up from US$6.158 billion in the same period last year. Market Situation: Decline in orders in the United States and Canada shows that aluminum plant output growth slowed down from 60% in the same period to 6.5% from a year earlier, and the US slowed down in 2005.
