Shanghai copper rebounds low, the market remains cautious on the sidelines

In the external market, Apanlon copper opened low at 5718 US dollars / ton, and after the opening copper price fell to 5711 US dollars / ton, some short profits closed their positions, and copper prices rebounded to 5742 US dollars / ton
.
However, the annual rate of profits of China's industrial enterprises above designated size in August released in the morning fell by 2.
0% year-on-year, indicating that the growth rate of China's industrial production and sales has slowed down, coupled with the continued uncertainty of Brexit, the dollar index is at a high above 99, restricting the rebound of copper prices, and the copper price operating range is still at a recent low
.
After entering the European session, copper prices stopped rising, the center of gravity fluctuated around 5740 US dollars / ton, and as of 16:30, London copper closed at 5745 US dollars / ton, up 0.
42%.

In terms of the market, the pre-holiday risk aversion caused the copper market to fall sharply overnight, and the Shanghai copper fell below the 47,000 yuan / ton mark, and the pressure hovered around
46,800 yuan / ton during the day.
The spot market has begun to show a festive atmosphere, most traders have entered a wait-and-see situation, holders who still have their own inventory are still trying their best to sell for cash, the market as we expected has a comprehensive discount state, and the discount from the morning market discount 40 ~ discount 20 yuan / ton nearby, all the way down to the discount 80 ~ discount 50 yuan / ton situation, wet copper around the discount 100 yuan / ton quotation
.
The intraday market trading atmosphere has gradually shown the state of the end of the holiday, and the cliff-like decline state may be close to the stop state
.
In the afternoon, due to the low price of traders low receipt situation, so the holder's quotation stopped falling, about to enter the holiday, the market quotation is small, the overall market situation tends to be light, but the discount is significantly narrowed, showing the characteristics
of the stop fall signal.

Investment bank Macquarie reported that pessimism about the global and Chinese economies has not yet led to a sharp decline in prices, and the market supply and demand situation is basically neutral; The willingness to exchange cash before the November long holiday in China is strong, and the spot premium has fallen sharply, but the market remains cautious and wait-and-see, and traders are trading lightly
.