October 28 copper market brief commentary

Last Friday, the main contract of Shanghai copper 1912 opened at 47340 yuan / ton in the morning, and after the opening, the bears increased their positions one after another, the center of gravity moved slightly down to 47330 yuan / ton, and the second trading session continued to fall to the lowest level of the day of 46260 yuan / ton, and then the center of gravity of the bulls entered the market moved up to around 47300 yuan / ton until the end of midday; In the afternoon, the market was bullish, bears successively reduced their positions and left the market, bulls entered the layout, the afternoon plate went all the way above the daily moving average, to the highest of the day to 47420 yuan / ton, the end of the session slightly corrected and closed at 47390 yuan / ton, up 80 yuan / ton, up 0.
17%.

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).

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, and transaction was difficult
.
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
.

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 overall intraday trend was upward, mainly due to the poor performance of the US economic data in recent days, most investors in the market expected the Federal Reserve to cut interest rates by 25 basis points next week, the US dollar weakened in the afternoon trading session, and Shanghai copper was boosted
.
At present, Shanghai copper is closing in the sun, and MACD continues to show green columns
.
Test whether Shanghai copper can continue to stabilize the high level
of 47300 yuan / ton.