Market concerns remain and copper price gains are limited

In terms of external trading, Apanlon copper opened at 5985 US dollars / ton, due to the previous day's copper price rise large, after the opening of the bulls gradually reduced their positions, the center of gravity of copper prices continued to slowly shift, the center of gravity fell back to around
5950 US dollars / ton.
After entering the European session, due to the latest release of China's October import and export data better than expected, the significant progress of the Sino-US trade agreement has cooled the pessimistic expectations of the global economy, gold prices continue to be suppressed below $1470 / oz, copper prices are still dominated by bullish sentiment, after the Asian market retreated to stabilize and recover, testing higher than $5969 / ton
.
As of 17:20, London copper closed at $5956.
5 / ton, down 0.
74%, the dollar index was at 98.
184, and U.
S.
crude oil was at $56.
65 / barrel
.

In terms of the market, Shanghai copper returned to above 47250 yuan / ton, below 47000 yuan / ton temporarily supported by all moving averages, holders in the buying boom greatly improved market conditions to gain confidence, morning market quotations once again raised the banner, the market opened to report a premium of 90 ~ 120 yuan / ton, but downstream and traders experienced a batch of yesterday's receipts, intraday high premium made it stop, holders gradually reduced the flat copper to 70 ~ 80 yuan / ton, good copper maintained stable at 100 ~ 110 yuan / ton, Wet copper is also stalemated in flat water ~ liter water 10 ~ 20 yuan / ton
.
The intraday market rose, and on the weekend, the downstream only maintained rigid demand, which was significantly lower
than yesterday's purchases.
Traders' willingness to receive goods still exists, but the target price of buying is low, which contradicts the market quotation again, and the holder's quotation remains firm
under the premise that the price difference remains stable around 100 yuan / ton.
If the market rises steadily, the market transaction will fall into a tug-of-war situation again
.
In the afternoon, the spot market continued to remain deadlocked, and due to the weekend, market transactions gradually weakened, and holders were not willing to adjust prices
.

The intraday session gave up gains in overnight trading, mainly as the market remained concerned about the macroeconomic outlook, and the International Monetary Fund and the European Union both lowered their growth forecasts
for the euro area.
Macro worries limited the rise in copper prices, and Shanghai copper also returned to around
47,300 yuan / ton.
At present, Sino-US trade sentiment is getting better, there is still some support for copper prices to maintain a stable high, and at present, Shanghai copper has made up for the previous gap and re-established above the 10-day moving average, the technical performance is optimistic, testing whether Shanghai copper can further rush up 47400 yuan / ton
.