October 25 copper market brief commentary

On Thursday, the main contract of Shanghai copper 1912 opened at 47400 yuan / ton in the morning, and after the opening it fluctuated downward, the center of gravity remained stable around 47380 yuan / ton, the center of gravity continued to decline slightly by 20 yuan to 47360 yuan / ton in the second trading session, and the afternoon continued the downward trend of the center of gravity to around 47320 yuan / ton, and closed at 47360 yuan / ton, up 320 yuan / ton, or 0.
68%.

The average price of electrolytic copper in East China of the South Reserve: 47200 yuan, down 140, the price of the month's rise: -20 to 0, down 25 (next month's ticket).

Intraday spot premium continued the downward momentum this week, although holders continued a little price sentiment in the morning, but flat water copper quotations soon slipped to the discount, maintained a slow downward momentum, transaction difficulties
.
At ten o'clock, the quotation fell to Pingshui copper -20 yuan / ton, and only then did the transaction appear one after another, and the good copper quotation was around
Pingshui.
In the second quarter of trading, the trading volume decreased again, and the market activity also decreased, but the quotation of flat water copper stopped at about -20
.
The performance of Shanghai copper did not have too much impact on the spot market during the day, and the sluggish downstream market buying and low market sentiment hit the transaction performance, depressed the price of the discount, and the overall cash sentiment of the holders was high, and the market supply was relatively sufficient
.
Copper rose to the flat water of the month 0-10 yuan, down 30; flat water copper sticker 20-10 yuan, down 20; Wet copper sticker 40-30 yuan, down 20
.

The average price of electrolytic copper in South China: 47160 yuan, down 140, the monthly discount quotation: -60 to -30, down 15
.
Copper prices fell slightly, in the morning flat water copper newspaper discount 50, good copper newspaper discount 10-20 or so, the receiver continued to press the price, waiting for a larger discount supply, temporary transaction quiet
.
After ten o'clock, the price of flat water copper was adjusted to -60, good copper fell to -20, -30, the transaction began to reflect, the quotation stopped falling and stabilized, and the source of imported copper was less popular, and the discount further dropped to about
-100 yuan.
Overall, intraday demand remained average, but shipments by large households decreased, the overall selling pressure in the market decreased from the previous day, and the momentum of the decline slowed down
.

The main reason for the slight downward movement of intraday is still the news of the overnight crude oil inventory reduction and the strike at the mine end temporarily digested by the market, coupled with the current macro still no signs of improvement, copper prices are weak and the center of gravity has shifted
slightly downward.
At present, the Shanghai copper closed the long Yang column, which has stood above
all moving averages.
A large number of European economic data releases during the day will guide copper prices
.