October 29 Copper Market Brief Review

On Monday, the main contract of Shanghai copper opened at 47550 yuan / ton in the morning, and the opening was the highest of the day at 47640 yuan / ton, and then the market confidence was insufficient, and the bears increased their positions a lot, until the center of gravity fluctuated around 47450 yuan / ton in the second trading session, and opened in the afternoon, the center of gravity briefly sat around 47450 yuan / ton, then moved slightly up to 47500 yuan / ton, and closed at 47430 yuan / ton, up 70 yuan / ton, or 0.
15%.

The average price of electrolytic copper in East China of the South Reserve: 47370 yuan, up 170, the monthly discount quotation: -20 to 0, flat
.
In the morning market, the flat water copper price was about -10 yuan / ton, but the transaction was relatively deadlocked, and traders intended to receive the goods
at a low price.
Some holders have a strong willingness to exchange cash, and at about ten o'clock, the quotation of flat water copper began to decline slightly to -20 yuan / ton, and good copper was near
Pingshui.
During the second session, the market trading atmosphere decreased
significantly.
Intraday spot market consumption continued to be weak last week, and the rise of Shanghai copper had a certain impact on downstream buying sentiment, and the rise in premium was weak
.

The average price of electrolytic copper in South China: 47350 yuan, up 190, the monthly discount quotation: -50 to -20, up 10
.
At the beginning of the week, inventories unexpectedly recorded a large decline, and holders were in a strong price sentiment, and in the morning, flat water copper began to report a discount of 40 yuan / ton, and a good copper discount of about 20, and the overall discount center of gravity narrowed slightly compared with last Friday
.
Some holders took the lead in adjusting the price of flat water copper to a discount of 50-60, and imported flat water copper was sold at a discount of 100, and the low price was gradually traded
.
Overall, the demand for copper prices is not good, the superimposed supply is sufficient, the price of holders is difficult to obtain market recognition, and the spot price is high and low during the day
.

The overall performance of Shanghai copper in the day was high and low, the main reason is still short-term OPEC production cut optimistic news was digested, the market is still dominated by weak macro conditions, coupled with the current Brexit obstruction, aggravating market risk aversion and concerns about the European economy, copper prices to maintain a high level of weakness
.