Long and short trading cautious Shanghai copper wide range oscillation

In terms of the market, Shanghai copper fluctuated around the daily moving average, and the copper price hovered at 49,500 yuan / ton during the day, and the basis maintained a fluctuating price difference
of about 80 yuan / ton in the next month.
Morning market holders tried to further pull up the premium, the quotation rose to 70-100 yuan / ton, due to the lack of buying, the overall market transaction hesitation, the performance was abnormal stalemate for nearly half an hour, the holder took the initiative to lower the quotation, good copper took the lead to reduce the premium to 90 yuan / ton, flat water copper down to 60 yuan / ton
。 Due to the high premium, after exceeding the price difference of the next month, the holders have enthusiastically shipped goods, showing obvious characteristics of oversupply, and some holders who are eager to trade will reduce the flat water copper to 50 yuan / ton of premium, the quotation of good copper has also been reduced to 80 yuan / ton of the first line, wet copper from 30 yuan / ton discount to 60 yuan / ton, some low-end imported copper has a lower quotation
。 Downstream to maintain just demand, traders' buying enthusiasm significantly decreased from the previous day, because copper prices are currently showing a volatile pattern, it is difficult to form a breakthrough market, arbitrage also lacks space, there is still a week before the delivery expiration, but the premium has shown the delivery level, the high premium transaction is obviously suppressed, the future market premium pattern still needs to pay attention to the guidance of the next month price spread
.

On the news, the Asian dollar index fluctuated widely, now trading around 96.
266, and the U.
S.
index continued to trade above the 96 mark, strengthening ahead of
tonight's Fed decision.
In terms of industries, China imported 420,000 tonnes of unwrought copper and copper products in October, down 18.
7% from 520,000 tonnes in September and up 90,000 tonnes or 27.
27%
year-on-year from 330,000 tonnes in the same period last year.
From January to October, the cumulative import of unwrought copper and copper products was 4,413,000 tons, compared with 3,764,000 tons
in the same period last year.

Shanghai copper fluctuated widely during the day, the market wait-and-see sentiment was strong, and the Fed's decision
was generally concerned.
In the spot market, the downstream maintained rigid demand, and traders' buying enthusiasm decreased significantly from the previous day, because copper prices are currently showing a volatile pattern, it is difficult to form a breakthrough market, and arbitrage also lacks space
.
Operationally, it is recommended that the CU1901 contract can consider selling high and low between 49000-49800 yuan / ton, and the stop loss is 300 yuan / ton
each.