Base metals generally fell and Shanghai copper continued to be weak

In terms of the market, overnight Shanghai copper gap opened low and went low, completely lost 49,000 yuan / ton, the morning contract narrowly sorted out around 48,730 yuan / ton, the upper and lower volatility was less than 50 yuan / ton, the spot market performance is also relatively calm and
deadlocked 。 On the first trading day of November, the holder maintained stability on the previous day's quotation in the range of 10 yuan / ton - 30 yuan / ton of premium, and willing buyers could lower the price of copper premium 20 yuan / ton, but failed to receive flat water - 10 yuan / ton of water at a low price as the previous day; Flat water copper stalemate at the discount of 20-10 yuan / ton, it is difficult to have room for price pressure, only wet copper in order to attract downstream buying, at about 11 o'clock there is a discount of 140-130 yuan / ton quotation
.
Although some traders enter the market to close low prices, but because the price difference narrows to 20-30 yuan / ton in the next month, there is little space for speculation and buying and selling, which inhibits traders' willingness to speculate; Downstream bearish copper prices are also in no hurry to enter the market, only to maintain rigid demand
.
Under the continuous closure of the import window and just entering November, the holders have no intention of selling goods, so the spot market is still stuck in a stalemate between supply and demand in the short term, and it is difficult to show a unilateral situation
for the time being.

In terms of news, the Asian market dollar index fell back from its high, now trading around 96.
689, due to the decline in Brexit negotiation uncertainty, European currencies rebounded, and the dollar index showed a high retreat
.
In terms of industry, Excelsior Mining plans to complete construction at its Gunnison copper project in southeastern Arizona, which comes on stream next year and expands initial copper production of 25 million pounds per year to 125 million pounds per year
in Phase III.

Shanghai copper continued to be weak during the day, just entered November, the downstream is not eager to enter the market, only maintain rigid demand, and the holders have no intention of selling goods, so the spot market is still in a stalemate between supply and demand in the short term, and it is difficult to show a unilateral situation
for the time being.
On the technical side, the MACD indicator continued to decline, the green column also expanded further, and the overall weakening trend of futures prices remained unchanged
.
Operationally, it is recommended that the CU1812 contract can consider short order intervention around 49,000 yuan / ton, and the stop loss refers to 49,500 yuan / ton
.