October 19 Copper Market Brief Review

On Friday, the main contract of Shanghai copper 1912 opened at 46670 yuan / ton in the morning, and the center of gravity moved up to 46700 yuan / ton after the opening, and then the center of gravity remained stable until the end of midday, and the afternoon opening fell, the center of gravity fell to 46590 yuan / ton around the shock finishing, and then rebounded slightly to close at 46570 yuan / ton, down 60 yuan / ton, or 0.
13%.

The intraday market trend was weak, and the overall operation was below the daily moving average, as the latest release of domestic third-quarter GDP data was less than expected, and the market's confidence continued to decline; The recent trend of crude oil is still tired, EIA and API crude oil inventories have increased sharply, both of which have made oil prices basically fluctuate around the low level around 53, reflecting the market's concerns about the demand side, thereby further suppressing the trend
of copper prices.
At present, the Shanghai copper closed solid long black column, the upper pressure of many moving averages, the technical resistance is still strong, the evening again tested the 46500 yuan / ton mark
.

In the spot market, some holders began to quote the next month's price, traders received more goods, spot premiums continued to come under pressure, and the transaction was slightly better
.
Helped by the UK's new Brexit agreement with the EU, as well as the promotion of trade negotiations between China and the United States, market risk appetite has recovered, the current supply of copper concentrate and copper scrap remains tight, there is a marginal improvement in downstream demand, there is support at the bottom of copper prices, and the trend market still depends on demand
.