Shanghai copper fluctuated at a high level, and the rise was slightly weak

In the external market, Asian Lun copper continued to fall under pressure, of which 3 months London copper traded at 7079-6987 US dollars / ton, slightly down 0.
37% to 7014 US dollars / ton, in the past three weeks London copper has risen by more than 10%, short-term or facing the need
for technical correction.
In terms of positions, on October 16, the position of London copper was 349,000 lots, an increase of 3,492 lots per day, and the position of London copper increased by nearly 16,000 lots in the past week, indicating that the long-short divergence has expanded, but the short-term is still dominated by bulls
.

On the macro front, the Asian dollar index extended its rally and is now trading around 93.
55, marking the third consecutive day
of gains.
The market is currently focused on Fed candidates, and the market expects Trump to prefer those who are more aggressive in raising interest rates
.
In addition, China's key economic indicators for the third quarter are about to be released, and the capital market is in a wait-and-see mood
.
In terms of industry, according to data released by China Railway Corporation, in the first eight months of this year, the national railway fixed asset investment completed 453.
6 billion yuan, a year-on-year increase of 4.
7%.

Industry insiders said that the fourth quarter is the peak season for railway construction, and according to the current construction progress, railway investment is expected to exceed 800 billion yuan
this year.

In terms of the market, on October 18, Shanghai electrolytic copper spot traded at 120-210 yuan / ton for the monthly contract, and the trading price of flat water copper was 55100-55320 yuan / ton
.
Recently high value preservation plate profit shipments, imported copper is still the first to drop the premium, good copper morning market is still in the premium 200 yuan / ton or so, flat water copper premium about 150 yuan / ton, wet copper tried to rise up, but helpless market lack of interest, during the 19th National Congress, the market is a cautious atmosphere, just at the high level of adjustment, the downstream continues to stop and watch, the lack of receiving and the willingness to cash out coexist or will make the premium still have room
for downward adjustment.

During the day, the Shanghai copper 1712 contract fell slightly to 54890 yuan / ton under pressure, indicating that the upper selling pressure was heavier, and after the short-term copper price continued to rise, it faced technical pullback pressure, and bulls lacked the willingness to further rise before the strengthening of the
dollar and China's third-quarter GDP and other heavy data were not released.
Operationally, it is recommended that the Shanghai copper 1712 contract can be backed by 55,700 yuan below the sky, and the entry reference is around 55,100 yuan, and the target is 54,000 yuan / ton
.