Copper prices are blocked in a narrow range to the downside, and the center of gravity loses all moving average support

Outside square meters, London copper stability and volatility, Asian session, London copper opened at 6050.
5 US dollars / ton, after the opening of the bulls took advantage of the low position into the market, copper price shock upward to 6080 US dollars / ton around narrow finishing, touch 6085.
5 US dollars / ton, during the short-term test of 6052 US dollars / ton, the noon plate amplitude range narrowed to 4 US dollars / ton, the afternoon US index up, copper prices quickly fell below the daily average, short-term low after rising to 6070 US dollars / ton around narrow range, Europe and the United States at the beginning of the time, The U.
S.
index has risen to 97.
37, copper prices under pressure shock down to around $6,052 / ton, during the period as OPEC announced that it will reduce supply by 1 million barrels / day, U.
S.
crude oil rose, copper prices rebounded to touch $6,072 / ton, but because the U.
S.
index broke through 97.
578, London copper gave up gains, the center of gravity fell, after hitting the bottom of $6,045 / ton, as the U.
S.
index fell slightly, bulls once again took positions into the market, copper prices rose back to the daily average
.

In terms of the market, Shanghai copper has been six consecutive negative, falling to 49,000 yuan / ton mark weak shock, the early interval month basis is still 90 ~ 100 yuan / ton fluctuations, the holder quotation premium 50 ~ premium 90 yuan / ton, high premium is difficult to get market recognition, after 10 o'clock the next month price spread is also gradually narrowed, holders in the shipment of weak to reduce the quotation, flat water copper took the lead in reducing the quotation premium around 30 yuan / ton, good copper concentrated transaction in the premium 60 ~ 70 yuan / ton
。 Entering the second trading stage, the market inquiry atmosphere improved, holders in order to seek transactions, flat water copper quotation as low as 20 yuan / ton, good copper to maintain a premium of 60 ~ 70 yuan / ton unchanged quotation, the downward adjustment is limited
.
Downstream fear, low willingness to receive goods, wet copper follows the market quotation discount of 70 ~ 40 yuan / ton, some low-end imported brand Bulgaria can be reduced to a discount of about
40 yuan / ton.

Copper prices have not yet stabilized, downstream on-demand buying, traders mainly to bargain at low prices, good copper speculation space is lacking, pre-delivery transactions may be difficult to change the deadlock
.
The premium before delivery is still guided
by the next month spread.
In the afternoon, due to the strong wait-and-see mood in the market, the downstream price expectations remain bearish, the transaction heat is low, lighter than the morning trading, the basis of the next month is further narrowed to 40 yuan / ton line, the holder is forced to continue to drop the water, traders are even more underpriced, flat water copper has room for price pressure, and even heard that it can be discounted 10 yuan to trade part of flat water copper, the market favor is better copper is slightly better, in the afternoon flat water copper generally reported flat water ~ liter 20 yuan / ton, good copper continues to decrease, reported in the premium 30 ~ liter 50 yuan / ton, The transaction price has partially lost 49,000 yuan / ton with the downward trend of the market, and fell back to 48980 yuan / ton ~ 49070 yuan / ton
.

The main force of Shanghai copper closed six consecutive negatives during the day, the center of gravity currently lost all moving average support, showing a stepped fall, temporarily obtained the lower Bollinger band support, KDJ opening expanded, MACD green energy column showed an expansion trend, waiting for external guidance, testing whether the main center of gravity of Shanghai copper will continue to fall to around
48800 yuan / ton in early November.