The main force of Shanghai copper opened low and fluctuated, and the market wait-and-see mood was heavier

Market focus: Merkel and British Prime Minister Boris Johnson spoke on Tuesday morning, and Merkel made it clear that a Brexit agreement is "highly unlikely"
.
Nevada Copper's Pumpkin Hollow copper project is expected to start in the fourth quarter of this year, with annual copper production expected to reach 23,000 metal tons
.
The premium for the long order of electrolytic copper sent by Codelco to China in 2020 is proposed to be 88 US dollars / ton, which is the same as the
long order premium in 2019.

Spot analysis: On October 9, the spot 1# electrolytic copper quotation was 46980-47070 yuan / ton, the average price was 47025 yuan / ton, down 275 yuan / ton
per day.
Morning market holders quoted a premium of 100-130 yuan / ton, the market under the guidance of traders to actively inquire, active buying increased significantly, a round of active receipt in the morning market made the holder immediately raise the quotation, intraday plate price performance fell, bargain hunting attracted downstream into the market, buying demand significantly improved
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 52,277 tons on Wednesday, an increase of 3,452 tons per day; On October 8, LME copper stocks were 283,350 tons, down 2,250 tons
per day.

Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 62741 lots, minus 713 lots per day, short positions were 76425 lots, daily increase of 2217 lots, net short positions were 13684 lots, daily increase of 2930 lots, more short positions, net space increased
.

On October 9, the main force of Shanghai copper 1912 opened
low.
The risk of a no-deal Brexit intensified, the weakening of the pound and the euro boosted the US dollar, while the downward pressure on the global economy increased, and the copper processing fee TC showed a significant recovery, which eased copper mine supply concerns and put overall pressure on copper prices, but there is a marginal improvement expectation in terminal demand, and the Sino-US trade negotiations are approaching, and the market wait-and-see sentiment is heavier, which has a supportive effect
on copper prices.
In terms of spot, the market is actively inquiring under the guidance of traders, active buying has increased significantly, a round of active receipt in the morning market has made holders immediately raise their quotations, intraday market price performance has fallen, bargain hunting to attract downstream into the market, buying demand has improved
significantly.
Technically, the main 1912 contract of Shanghai copper runs below the moving average group, and the daily MACD green bar increment is expected to be weak in the short term
.