Shanghai copper retreated from the high, short-term pullback pressure increased

In the external market, Asian Lun copper fell under pressure, of which 3-month London copper traded at 7052-6925 US dollars / ton, down 0.
97% from yesterday to 6974 US dollars / ton, the intraday performance only resisted the decline in London nickel, and weaker than other base metals, but has not fallen below the recent low of 6905 US dollars / ton
.
In terms of positions, on October 23, the position of London copper was 339,000 lots, a daily decrease of 275 lots, compared with a cumulative decrease of 23,000 lots in the past five weeks, during which copper prices oscillated higher, indicating that bears actively left the market
.

On the macro front, the Asian dollar index oscillated slightly and is now trading around
93.
96.
The preliminary Markit manufacturing PMI in the United States came in at 54.
5 in October, the highest since January, with market expectations of 53.
5 and 53.
1 in September, while the Markit composite PMI was 55.
7, the highest since
January.
In terms of industry, the International Copper Research Group (ICSG) report shows that the global refined copper market is expected to be short of 151,000 tons in 2017, while the supply shortage narrowed to 104,000 tons in 2018, because the growth rate of refined copper demand is not as fast as production
.
Among them, the global refined copper production in 2018 was 24.
179 million tons, an increase of 596,000 tons year-on-year; the demand for refined copper in the same period was 24.
283 million tons, an increase of 550,000 tons
year-on-year.

In terms of the market, on October 25, Shanghai electrolytic copper spot contracts reported a premium of 170-280 yuan / ton, flat water copper trading price of 55350-55540 yuan / ton, and premium copper trading price of 55400 yuan / ton - 55600 yuan / ton
.
Today's Shanghai copper far month price spread significantly narrowed, the holder premium is difficult to hold, the morning market from good copper first quotation declined, the transaction is less than 300 yuan / ton and the performance is gradually farther away, flat water copper is difficult to maintain a stable premium of 200 yuan / ton, the decline quickly to about
180 yuan / ton.
The downstream continues to stop, only maintaining rigid demand
.
The delivery of long orders is basically over, trade demand is also fading, today's market inquiry is few, the market is wide and unstable, and the transaction is not as good as before
.
Shipments and cash exchange gradually increased before the end of the month, but due to the small number of good copper goods or the reduction was limited
.

During the day, the Shanghai copper 1712 contract fell under pressure to 54590 yuan / ton, indicating that the short-term correction pressure increased
.
Relatively weak gains in other base metals and a stronger dollar index will limit copper prices' higher margins
.
It is suggested that Shanghai copper should also be based on high
altitudes.
The Shanghai copper 1712 contract can be short around 54800 yuan, the stop loss reference is 55500 yuan, and the lower support is concerned with 53800 yuan / ton
.