Shanghai copper may continue to fluctuate strongly in the short term

In terms of the external market, London copper opened at 4852 US dollars / ton, after the opening with the dollar rebound, bulls closed their positions at a high level, copper prices fell from the high point to around 4823 US dollars / ton, and then the bears made up, London copper returned to the low level, returned to the daily average near the consolidation, long and short launched a scramble, the afternoon bulls no longer resisted, copper prices instantly fell back to 4820 US dollars / ton, into the European session, LME copper stocks fell by 5575 tons, LME copper inventory cancellation warehouse receipt continued to rise to 41.
77%, Copper prices were pulled straight up to near the opening price, and then consolidated at a high level around $4,847 / ton, and as of 17:25, London copper was reported at $4,846 / ton
.

On the macro front, more than 18 hours of marathon oil producer talks on Friday and Saturday ended in fruitlessness, OPEC failed to agree on a key plan on how to cut production due to internal differences, and Russia and other non-OPEC oil producers hope to participate in joint action on the premise of OPEC consensus, major oil producers promised to continue talks, but OPEC failed to reach a plan on how to implement production restrictions, which threatened the feasibility of last month's OPEC production limit agreement
.
In addition, the Chinese government website said that the keywords of China's monetary policy are still steady, which makes the speculation that "China's monetary policy may turn" frustrated
.
This week's macro events gathered, domestic PMI data and US employment data will be released this week, Beijing time on November 1, the Bank of Japan will release monetary policy decisions and statements, in the early morning of November 3, the Federal Reserve FOMC announced interest rate decisions and issued policy statements
.

In terms of the market, Shanghai copper rebounded slightly, the market trading was quiet on the last trading day at the end of the month, a small number of speculators entered the market in the morning market, absorbing low-priced good copper, but with the opening of the early import profit window, a large number of imported copper entered, the intraday market supply brands are diverse, especially the influx of low-end imported copper, resulting in a further narrowing of the current copper premium, flat water copper brands widened the price difference, imported brands multi-adjusted to reduce the premium for cash, downstream month-end operations are less, market transactions are dominated by middlemen, fully showing the characteristics
of the end of the month 。 In the afternoon, Shanghai copper back to the daily moving average oscillation, good copper premium quotation 110 yuan / ton -130 yuan / ton, individual large traders into the market to absorb cost-effective flat water copper, such as AE, Korean copper, etc.
, flat water copper premium raised to 80 yuan / ton -100 yuan / ton, wet copper less and strong, afternoon inquiry market entry is still dominated by middlemen, for the month repricing is prepared
.
From a technical point of view, copper prices are in a short-term rebound, or there is still the possibility of rushing up the resistance line of the shock range within the year, waiting for the copper market to give signs of the end of
the rebound.