The short-term center of gravity of copper prices may continue to move down, and after a slight correction, it is ready to rush again

In terms of the external market, London copper opened at 6965.
5 US dollars / ton, at the beginning of the session, London copper stayed briefly near the opening price, and then London copper fell to 6937.
5 US dollars / ton, back to the 10-day moving average to get support, bulls bargain to increase positions enter, London copper straight up to a high of 6999 US dollars / ton, blocked at the 7000 US dollars / ton integer mark can not continue to rise, then London copper fell back to the daily average of 6970 US dollars / ton around the shock operation, into the second trading session of the Asian market, London copper around the daily moving average oscillation amplitude increased, Up and down volatility of about $30 / ton, into the European session, London copper volatility upward, as of 16:44, London copper at 6982.
5 US dollars / ton, up 13 US dollars / ton, US oil prices at 52.
10 US dollars / barrel, dollar index at 93.
914
.
During the day, London copper fluctuated in a wide range around the daily moving average, and the overall operation between the 5 and 10-day moving averages, and the short-term London copper may continue to fluctuate
.

In terms of the market, Shanghai copper first rose and then suppressed, the market's willingness to push up the water is still obvious, when the morning market is still high, the holder's quotation in the premium 200 ~ 260 yuan / ton, good copper premium 240 ~ 250 yuan / ton The delivery and receiving atmosphere is good, the premium is quickly pushed up, the good copper premium is reported to about 270 ~ 280 yuan / ton, and even there is a premium quotation of 300 yuan / ton, but the transaction enthusiasm has decreased significantly, flat water copper follows the upward adjustment, but there are some delivery sources outflow, such as silver, gold phoenix and other varieties, the premium is 200 yuan / Tons up and down, the willingness to exchange for cash forced its premium to keep up, intraday market quotations are many, the premium continues to hold, but the transaction has not seen significant improvement, showing the characteristics of
Monday.
In the afternoon session, the quotations of holders remained stable, but the downstream stopped to wait and see and take few goods, and the market transaction was in a state of
stalemate.

In terms of news, the Chilean Copper Commission raised its average copper price estimate this year and next
.
In July, the Chilean Copper Council (Cochilco) expected copper prices to average $2.
64/lb this year and $2.
68 in 2018
.
As demand in major markets in China was stronger-than-expected, its executive vice president Sergio Hernandez said in San Diego that his forecast for the average copper price this year would be raised to $2.
77 per pound and his forecast for 2018 to $2.
95
.

In terms of stocks, COMEX copper stocks 204568 short tons as of October 20, an increase of 431 tons from October 19; LME copper stocks were 287625 t, down 3,625 tonnes from Oct.
19; As of October 23, SSE futures inventories were 35,624 tons, down 479 tons
from the previous day.

During the day, Shanghai copper first rose and then declined, affected by the weekend billet surge in the morning, black series have opened high and high, driving non-ferrous metals to collectively rebound from the low, but affected by the higher US dollar, copper prices have retreated
.
In the short term, the center of gravity of copper prices may continue to move downward, and after a slight correction, it is ready to rush
again.
Continue to focus on macroeconomic market news
.