October 16 copper market brief commentary

Today's Shanghai copper main contract 1912 opened at 47010 yuan / ton in the morning, after the opening to maintain a volatile trend, long and short sides continue to stalemate and tug-of-war, difficult to distinguish between victory and defeat, the center of gravity in 46960-47040 yuan / ton oscillation to maintain stability, the afternoon continued to continue the morning trend, the plate fluctuation spread maintained within 100 yuan / ton, the end of the session closed at 46960 yuan / ton, down 90 yuan / ton, down 0.
19%.

The average price of South Reserve East China electrolytic copper: 47010 yuan, down 80, the monthly discount quotation: 60 to 80, down 20
.
Today's delivery, the market quotation is mainly for the next month, the quotation continued the previous day's downward trend, the intraday premium fell 40 yuan / ton
.
In the morning market, flat water copper was quoted +70 yuan / ton for the next month, good copper +90 yuan / ton, and the market expected a low level of premium prices, resulting in morning traders have been mainly wait-and-see, and there are few receipts
.
Cargo holders were forced to frequently adjust prices to dump goods, and the premium fell rapidly, and by about ten o'clock, the premium had fallen to +30 yuan / ton, and the transaction situation improved slightly, and traders received goods
one after another.
As of about 11 o'clock, the flat water copper remained at +30 for the next month, and the good copper was +50
.
The premium copper rose 80-90 yuan for the month, down 10; flat water copper premium 60-70 yuan, down 10; Wet copper premium 30-40 yuan, down 10
.

The average price of electrolytic copper in South China: 46990, down 40, the monthly discount quotation: 30 to 70, up 15
.
On the delivery day, the market trading atmosphere is quiet, the quotation is not much, in the morning flat water copper began to report the next month +20, the current month +40, good copper reported the month of +70 or so, the next month quotation is the mainstay
.
I have heard that Pingshui copper was partially traded in the next month +20, +30 in the month, and good copper +70 was traded about 70, and the monthly difference during the period once expanded, attracting some traders to receive goods, but overall, the market is still not active, waiting for the change of month
.

The intraday market trend is relatively stable, mainly because the optimism of Sino-US trade and Brexit has basically been digested by the market in recent days, the market has generally returned to rationality, worried about whether the follow-up results of trade are smooth, and the global weak macro situation has not yet shown signs of recovery, causing the market to worry about the demand side, copper prices have insufficient
momentum to rise.
The Shanghai copper 1910 contract faced delivery during the day, opening at 46990 yuan / ton in the morning, falling to 46880 yuan / ton at the open, and then the market trend rebounded, the center of gravity fluctuated around 46930 yuan / ton, and fell at the end of the session and closed at 46880 yuan / ton, settling at 46900 yuan / ton
.