Inventories are at a relatively low level, and Shanghai copper has received strong support

In terms of the market, on October 10, Shanghai electrolytic copper spot reported a discount of 70 yuan / ton - 30 yuan / ton discount for the current month contract, the transaction price of flat water copper was 50850 yuan / ton - 50950 yuan / ton, and the transaction price of premium copper was 50870 yuan / ton - 50970 yuan / ton
.
In the following month, London copper rose to 6,300 US dollars / ton, Shanghai copper was tested at 51,000 yuan / ton integer off, copper prices were under pressure of 51,000 yuan / ton during the day, and the price difference narrowed again to 150 yuan / ton
in the next month.
After the Shanghai ratio window was closed, after the market fully discounted quotation, the decline rate of the holder's discount was temporarily slowed, and the morning holder quoted a discount of 70-30 yuan / ton, and once there was a low price discount of 80 yuan / ton of flat water copper favored by speculators
.
The market is high, the market continues to perform cautiously, downstream consumption is still limited, the discount dumping sentiment of cargo holders has eased, and intraday transactions are mainly based on traders closing low prices
.

In terms of news, the Asian dollar index weakened and is now trading around 95.
630, stimulated by US President Trump's renewed bombardment of the Federal Reserve, the dollar index showed a downward trend
.

On the industry front, the chairman of Chilean state-owned company Codelco said that demand for copper in China has been so strong over the past few months that Codelco has almost sold out
of copper supply next year ahead of schedule.
Codelco has signed contracts with some European buyers to supply copper cathode at $98/mt, the highest level
since 2015.
Contract premiums for Chinese and U.
S.
customers have also risen 15 to 17 percent
this year.

Intraday copper showed strong volatility, stimulated by the US president's bombardment of the Federal Reserve again, the US dollar index showed a downward trend, which was positive for copper prices, and the current inventory of London and Shanghai copper is at a relatively low level, which has a strong support
for copper prices.
On the technical side, the futures price broke through the previous high during the session, and then declined, but did not change the current strengthening trend of copper prices
.
Operationally, it is recommended that the long order in the early stage can continue to hold, and if it falls below 50300, the stop loss will leave the market
.