Shanghai copper oscillates around the high, and the short-term trend is more volatile

In terms of external trading, London copper opened at 4905 US dollars / ton, after the opening of the long and short began a period of competition, copper prices hovered around the daily moving average, intraday low to 4894.
5 US dollars / ton, the following 5-day moving average support performance is good, China announced October Caixin service industry PMI52.
4, Caixin composite PMI52.
9, hit a new high since 2013, manufacturing services both picked up, A-share volume rose, long positions poured in, copper prices slightly rushed up to 4918 US dollars / ton, into the European session, bulls closed their positions at a high level, Copper prices fell by half of their gains, but the LME announced that copper inventories fell by 8,400 tons, and the cancellation of warehouse receipts rose to 46.
35%, supporting copper prices to rebound to around $4,918/ton, and as of 18:15, London copper had recorded a high of $4,928
.

On the macro front, the latest release of US ADP employment in October was 147,000, less than the expected value of 165,000, but the market did not react strongly to this, and the US dollar only fluctuated
slightly.
In addition, as expected by the Fed, the Fed announced in its November statement that it would keep interest rates unchanged and said it was waiting for "some evidence" that the economy was moving further towards its target, and the Fed's rising inflation rhetoric further increased the probability of a rate hike to 78%
in December.
From the limited reaction of the dollar index, it is clear that the spectre of the US election still hangs over the capital markets, and the limelight has even overshadowed the market's focus
on the Fed's interest rate hike in December.

In terms of the market, Shanghai copper flat finishing, the current copper premium level is basically the same as the previous trading day, flat water copper holders quotations are relatively firm, push up good copper quotations passively maintain a high level, brands reproduce no price difference state, wet copper lack of demand, premium has declined, speculators enter the market cautiously, downstream in the copper price rise is suspended, enter the market on demand to receive goods, the transaction is general
。 In the afternoon, the plate rose back to more than 39,000 yuan / ton, good copper premium is still firm at 150 yuan / ton - 170 yuan / ton, downstream lack of response, cargo holders are eager to dump goods, take the initiative to lower the flat water copper premium to 120 yuan / ton - 130 yuan / ton, the transaction price rose to 38970 yuan / ton - 39090 yuan / ton, the market supply is sufficient, 39000 yuan / ton above the lack of transactions, further lift of the premium is hindered
.

At present, after the early rebound, copper prices are currently around the resistance line of the shock range of $4950 during the year, and pay attention to the performance
of copper prices near this resistance level.