November 18 Shanghai copper morning review

Industry information: According to data from the World Bureau of Metal Statistics, the global copper market had an oversupply of 124,000 tons from January to September this year, of which refined copper production increased by 4.
3% year-on-year to 17.
67 million tons, and consumption increased by 880,000 tons year-on-year to 17.
55 million tons

In terms of market: on November 17, Shanghai electrolytic copper spot traded at a discount of 100 yuan / ton - 30 yuan / ton for the current month's contract, and the trading price of flat water copper was 43460-43820 yuan / ton
.
Merchants' willingness to exchange cash continues, the current copper discount quotation and all the way expand, speculators avoid risk to reduce market operations, downstream on-demand mainly, supply pressure is still large, copper price correction period, market spot risk still exists, most of the market discount pessimistic
.

Inventory: As of November 11, the previous Shanghai copper inventory reported 112551 tons, a weekly increase of 14,712 tons, far lower than the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic stocks is much weaker than that of foreign countries
.

Overnight Shanghai copper bulls continued to exert force, copper prices continued to fluctuate between the 5 and 10-day moving averages, and it is expected to operate in the range of 44200-44700 yuan / ton
today.
The house price index of 70 large and medium-sized cities in China will be released in October, and the number of cities that are expected to decline month-on-month has increased but the number is limited, due to the lagging effect of property market control policies
.