The main force of Shanghai copper opens high and goes low, and short-term shock adjustment is expected

Market focus: (1) Top ECB officials have increased their call on governments to continue to provide fiscal support to help economies recover from the pandemic, warning against premature withdrawal of relief measures
.
(2) According to data from the General Administration of Customs, China's imports of copper ore and its concentrate in September were 2.
138 million tons; the cumulative import volume from January to September was 16.
359 million tons, an increase of 2.
3%
year-on-year.
(3) China's imports of unwrought copper and copper products in September were 722,000 tons, an increase of 60% year-on-year, and 668,000 tons
in August.

Spot analysis: On October 13, spot 1# electrolytic copper was quoted at 51500-51580 yuan / ton, with an average price of 51540 yuan / ton, down 40 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that cargo holders continue to raise prices, traders are in a wait-and-see mood, and the enthusiasm for receiving goods is not high
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 60,532 tons on Tuesday, down 776 tons per day; On 12 October, LME copper stocks were 152975 tonnes, down 950 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 2011 contract were 84485 lots, a daily increase of 1363 lots, short positions were 68077 lots, a daily increase of 141 lots, a net long position of 16408 lots, a daily increase of 1222 lots, both long and short increases, and net long increased
.

Market research and judgment: Shanghai copper 2011 opened high and low on October 13
.
The lack of substantial progress in the new round of stimulus in the United States and expectations of continued easing in Europe slowed
the dollar's decline.
Upstream Chile's Candelaria copper mine held a strike, while the Escondida copper miners will also be at risk of strike, and supply-side disruptions have increased, supporting copper prices
.
However, the epidemic in Europe has rebounded, and the economic outlook is still under great pressure; In addition, the domestic gold nine peak season has failed, and the silver ten has not yet appeared, limiting the space
above copper prices.
Technically, the mainstream bulls of the Shanghai copper 2011 contract opened positions on the pullback, paying attention to the pressure at the 51800 position, and it is expected that the short-term shock will adjust
.