Bullish confidence boosted copper prices closed higher again

In terms of external trading, London copper morning market opened at 6202 US dollars / ton, the beginning of the day London copper upward was blocked to fall back to the low of 6188 US dollars / ton, bargain long positions entered, London copper quickly rising, standing firm 6200 US dollars / ton, the second trading session, London copper above the daily moving average along 6226 US dollars / ton narrow range
.
In the afternoon, the dollar index rose, London copper gave up some of the intraday gains, fell below the daily moving average, the end of the Asian session, bulls' confidence boosted, the center of gravity of London copper continued to rise, during the European session, London copper fluctuated repeatedly above the daily moving average, during the surge of 6268.
5 US dollars / ton was blocked from falling
.
As of 17:30, Lun copper was trading at $6243.
5 / ton

In terms of the market, the number of arrivals after the holiday increased, and the holders were eager to exchange cash, and the quotation was in a continuous downward trend
.
In the morning, the holder is still in the premium quotation, the willingness to receive goods is seriously lacking, flat water copper took the lead to reduce the quotation discount to 20 yuan / ton, good copper premium 10 ~ 20 yuan / ton, but the transaction is still not improving, with the delivery period of the day by day, the holder then lower the quotation, there is a comprehensive discount situation, good copper minimum discount 10 yuan / ton, flat water copper quotation discount 50 ~ 40 yuan / ton, only to attract part of the transaction
.
The market wet copper quotation has dropped from 70~60 yuan / ton to more than 100 yuan / ton, and after eleven o'clock has shown the discount of 120 yuan / ton of wet copper
.
Copper prices are high, downstream consumption in the market is not strong, digestion is difficult, transactions highlight the characteristics of oversupply, and the basis of the inverted basis every other month makes the discount before delivery still have room
for expansion.
The center of gravity of the afternoon trading session fell slightly, the market still showed the characteristics of oversupply, and all kinds of sources have room and room for price reduction, but the willingness of downstream and traders to receive goods is still insufficient
.

In terms of inventories, copper stocks continued to decline
, affected by good copper consumption and reduced scrap supply.
As of October 5, LME copper stocks stood at 186,800 tonnes, the lowest since a streak of decline in March, while total SHFE copper stocks, at 112,000 tonnes, were also in a state of continuous decline
.
In addition, as of early October, copper stocks in the bonded zone were 388,000 tons, down 35,000 tons
from early September.

During the day, the main force of Shanghai copper closed the bald Yang column, the center of gravity rose to near the 5-day moving average, and the confidence of the bulls was boosted day by day, and there was a trend
of catching up with the second high of 50,680 yuan / ton on the eve of the National Day.
Wait for guidance from the outside to test whether Shanghai copper can hold the 5-day moving average
.