Base metals rise weakly, Shanghai copper rally is blocked

In terms of the market, Shanghai electrolytic copper spot contract discount of 130 yuan / ton - discount 80 yuan / ton, flat water copper trading price 49800 yuan / ton - 49900 yuan / ton, premium copper trading price 49820 yuan / ton - 49920 yuan / ton
.
Shanghai copper around 50,000 weak trend, copper prices remain low volatility, near the end of the month spot market buying is still weak
.
The spot quotation was expanded all the way from the discount of 100-80 yuan / ton to the discount of 120-100 yuan / ton, and then gradually the transaction was made, and the expansion of the spot discount did not attract downstream to the market replenishment
.
In the second trading session, in the case of downstream consumption is still weak, even traders are rarely entering the market, flat water copper is adjusted to a discount of 140-130 yuan / ton, good copper quotation discount of 110-100 yuan / ton, there are many market shipments, wet copper self-discount of about 190 yuan / ton to about 230 yuan / ton, the source of goods still has room
for price reduction.
The decline in spot discount continues to expand, mainly due to the increase in inventory, weak market consumption, and difficult to increase the activity of the trade market.

In terms of news, the Asian market dollar index is volatile, now trading around 96.
415, the US Department of Commerce released data showing that the United States real GDP in the third quarter annualized quarter preliminary value of 3.
5%, expected 3.
3%, the previous value of 4.
2%, the United States GDP growth in the third quarter exceeded expectations, the best performance
since 2015.

In the copper market, top copper miner Freeport M cMoran fell nearly 8 percent to a 52-week low on Friday, while major producers Southern Copper, First Quantum and KGHM also fell to one-year
lows.
Freeport's CEO said the pessimistic outlook and uncertainty prompted the Phoenix-based company to slow plans for a massive expansion project, despite anticipating a shortage
in the market.

The Shanghai copper rally was blocked during the day, the current US dollar index fluctuated at a high level, and base metals generally showed weakness
.
The decline in discount in the spot market continued to expand, mainly due to the increase in inventory, weak market consumption, and difficulty in increasing the activity of the trade market
.
On the technical side, the MACD indicator showed a downward trend, the green column further expanded, and the probability of short-term weakness was greater
.
Operationally, it is recommended that the short orders in the early stage of the CU1812 contract can continue to be held, and the stop loss refers to 50500 yuan / ton
.