The trend of Shanghai copper contracts has been repeated and it is difficult to rebound

Since the beginning of this year, spot TC has been all the way down
.
The lowest fell from $93.
5/mt at the beginning of the year to $53/mt
.
However, due to the increase in Grasberg copper ore quota hitting the spot market, the concentrate supply increased, the copper concentrate spot TC price in September ended the downward trend this year, and the processing fee gradually recovered, and is currently stable around
$58/ton.
According to the latest SMM data, spot copper concentrate TC was quoted at $54 to $60/mt, and the trading center returned to $57/mt
.
However, at present, overseas mines and smelters can also be described as frequent conditions, buyers and sellers are in a game state, and spot TC prices will remain stalemated at the current level
in the short term.

European Commission President Jean-Claude Juncker said on October 17 that the EU had agreed with the United Kingdom on a withdrawal agreement and would present it to EU leaders
.
The new Brexit agreement on the border and customs arrangements with Ireland in Northern Ireland and a new "consent mechanism"
to safeguard Northern Ireland's options.
There is still uncertainty about whether the new Brexit deal can be passed, and if it is passed by parliament, the pound will rise, which will suppress the dollar index to a certain extent, but also impact the current downward economic environment
.

Under the new round of high-level economic and trade consultations on the Sino-US trade agreement, substantial progress
has been made in many fields.
GDP growth in the first three quarters is still the same, and the fourth quarter will run
smoothly.
On October 18, 2019, the National Bureau of Statistics released the operation data
of the national economy in the first three quarters.
After preliminary calculations, the GDP in the first three quarters was 697798 billion yuan, a year-on-year increase of 6.
2%
at comparable prices.
In terms of quarters, the growth rate was 6.
4% in the first quarter, 6.
2% in the second quarter, and 6.
0%
in the third quarter.
Although the economic growth rate showed a further slowdown in the third quarter, it showed great resilience among major economies, and economic data also showed signs of
stabilization.
Under the government's counter-cyclical control policy, the central bank will cut the reserve requirement and interest rates to release liquidity, and stable per capita disposable income will promote consumption
.
The overall policies are biased towards promoting consumption and expanding domestic demand
.
In the fourth quarter, under the premise that the consumption growth rate stabilized and rebounded, the GDP growth rate will be stronger than that in the third quarter
.