October 10 copper market brief commentary

Wednesday's Shanghai copper main contract 1912 opened at 46630 yuan / ton in the morning, the opening moved slightly up, the center of gravity stabilized slightly at 46700 yuan / ton, close to the noon center of gravity slipped about 30 yuan / ton, hovering around 46670 yuan / ton, the afternoon plate continued to rebound, all the way to the highest point of the day 46730 yuan / ton, the end of the session continued to decline and closed at 46640 yuan / ton, down 280 yuan / ton, down 0.
6%.

In the spot market, under the guidance of traders, the inquiry is active, the active buying has increased significantly, the downstream bargain has entered the market, and the buying demand has improved
significantly.
The United States and China will hold their first ministerial talks in months on Thursday to try to resolve a trade dispute that has hurt the global economy, but expectations are not high, and the current global economic outlook is deteriorating and pressure remains above copper prices
.

The center of gravity of Shanghai copper continued to remain low during the day, mainly due to the weak macro-dominated copper market, and coupled with the US dollar maintaining a high level to suppress copper prices, the market is currently waiting for the Fed meeting minutes to further judge the trend of the US dollar, thus affecting copper
.
Shanghai copper closed solid long black line, has lost all moving average support, MACD indicator green column has been lengthened, technical performance bearish
.
Wait for the guidance of the external market to test whether Shanghai copper can continue to stand at the 46,500 yuan / ton mark
.