November 9 Copper Market Brief Review

On Friday, the main Shanghai copper contract 1912 opened at 47390 yuan / ton in the morning, opening at a high level of the day, and then the center of gravity fell slightly to around 47370 yuan / ton, and stabilized at this level
until the end of midday.
In the afternoon, the bulls continued to reduce their positions, falling all the way to a low of 47260 yuan / ton, and closing at 47240 yuan / ton at the end of the session, up 70 yuan / ton, or 0.
15%.

Affected by the news that Sino-US trade negotiations will cancel tariffs in stages, London copper rose more than 100 points overnight, but in the case of RMB appreciation and the domestic macroeconomic environment is not optimistic, Shanghai copper chasing up is limited, and gradually converged the rise to around the support level of 47,000 during the day, it is expected that the night trading may continue the downward trend, touching the support level near to maintain volatility, and the operation is recommended to wait and see
downstream.

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
.