Shanghai copper's main force opened low and rebounded, and the market performance was deadlocked

Market focus: The European Central Bank will announce its interest rate decision on Thursday, followed by a press conference followed by President Mario Draghi, when the central bank will also update economic growth and inflation expectations
.

Spot analysis: On September 11, spot 1# electrolytic copper was quoted at 47260-47330 yuan / ton, with an average price of 47295 yuan / ton, down 170 yuan / ton
per day.
The performance of the spot market continues to be deadlocked, buying is general, the downstream still maintains rigid demand before the holiday, and the futures plate is temporarily difficult to get rid of the range shock pattern, the market has the willingness to receive goods at a low price, but the willingness of the holders to hold up the price is clear, and the supply and demand sides still have differences, and the performance is
deadlocked.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,654 tons on Wednesday, a daily decrease of 5,138 tons; On 10 September, LME copper stocks stood at 310,450 tonnes, up 100 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 1911 contract are 73698 lots, minus 114 lots per day, short positions are 74880 lots, daily increase of 1286 lots, net short positions are 1182 lots, daily increase of 1400 lots, more short increases, net space increases
.

Market research and judgment: On September 11, the main force of Shanghai copper 1911 opened low and rebounded
.
The People's Bank of China announced a comprehensive RRR cut, and copper market peak season demand is expected to pick up, the market confidence has been boosted, while upstream copper processing fees TC continued to be low, copper mine supply is tight, midstream cathode copper inventory increases slowly, accumulation pressure declines, copper prices are favorable, but the global economic growth slowdown, and Sino-US trade uncertainty is large, market pessimism still exists, copper prices lack upward momentum
.
In terms of spot, the performance of the spot market continues to be deadlocked, buying is general, the downstream still maintains rigid demand before the holiday, and the market has the willingness to receive goods at a low price, but the willingness of the holders to hold the price is clear, and the supply and demand sides still have differences, and the performance is
deadlocked.
Technically, the daily MACD red column of the Shanghai copper main 1911 contract shortened, focusing on the support at the 46700 position, and it is expected that the short-term shock adjustment
.