Market focus shifts to macro pressure and copper gradually weakens during the period

In the external market, Apanlon copper opened at 5683.
5 US dollars / ton, after the fall of London copper copper price has a certain degree of rebound, copper price rose back to 5700 US dollars / ton oscillation, and before the European market to test 5708 US dollars / ton
。 However, due to the surge in the risk of a no-deal Brexit, Sino-US trade concerns have rekindled, the IMF said that it will lower its growth forecast for 2019 and 2020 in the global economic outlook released on October 15, copper prices obviously lack the momentum to continue to rebound, bears increase their positions, and after entering the European session, copper prices quickly broke the daily average and continued to decline, testing down $5671 / ton, and then maintained around the low level of $5680 / ton
.
As of 16:30, London copper closed at $5679/ton, down 0.
08%.

In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 100 ~ 140 yuan / ton, a flat water copper trading price of 46770 yuan / ton ~ 46800 yuan / ton, and a premium copper trading price of 46790 yuan / ton ~ 46820 yuan / ton
.
The US dollar soared to a high of 99.
2, weighing on copper prices, and Shanghai copper fell below all moving averages to 46,600 yuan / ton
.
Morning market holders quoted premium 100 ~ 130 yuan / ton, the market under the guidance of traders to inquire positively, active buying significantly increased, a round of active receipt in the morning market made the holder immediately raise the quotation, flat water copper pushed to 110 ~ liter 120 yuan / ton, good copper raised to 130 ~ 140 yuan / ton, after the lift of the water transaction activity has been suppressed, it is difficult to show further improvement; Wet copper followed suit, steadily rising around 70 yuan / ton ~ 80 yuan / ton
.

Intraday plate price performance declined, bargain hunting attracted downstream into the market, buying demand improved significantly, low premium water sources are still attractive, traders push up water intention is not exhausted, buying contribution for traders to lead, if the market continues to decline, the premium may be able to hold steadily
.
In the afternoon, due to the continued low level of the market, the overall trading atmosphere of the market was acceptable, which also made the sentiment of holders to support prices again, and the quotations continued to rise
in the afternoon.
In the afternoon, flat water copper reported 110 - 120 yuan / ton of premium, good copper reported 130 - 140 yuan / ton, and the transaction price was in the range of 46750 yuan / ton - 46830 yuan / ton
.

On the demand side, consumption continued to pick up moderately month-on-month in October, but the weak macro pattern under the peak season has become a fact, the current Shanghai copper is at an extremely low level, indicating that the downstream lack of buying and preserving demand, such a low position is difficult to support the price
for a long time.
Although domestic and bonded inventories are at a low level, and there is a high probability that they will continue to destockpile in October, temporarily supporting prices, as the expectation of the end of the peak season gradually approaches, the focus of the copper market may further shift to macro pressure, and copper price pressure will gradually shift
.
Short-term waiting for the results of Sino-US negotiations, technically looking at the pressure above 47,000, the price may fluctuate and gradually weaken.