Shanghai copper weak shock short-term trend is still weak

In the market, the US dollar index rose overnight, London copper fell below the 5-day line, Shanghai copper leaked to 49,000 yuan / ton, and copper prices fluctuated at 49,100 yuan / ton
during the day.
The day is the last trading day of the month, and most of the downstream wait for the change of month to enter the market to buy, and after the sharp fall of copper, the holders will raise the price and quote
.
Morning market quotation flat water - premium 30 yuan / ton, suddenly raised premium made the market stop and watch, under the deadlock there are still urgent need to ship for cash holders take the initiative to lower the quotation, good copper leading down to flat water - premium 20 yuan / ton has a concentrated transaction, flat water copper followed to discount 20 yuan / ton, the transaction has not improved, due to the lack of downstream buying, wet copper quotation to maintain a discount of 120-100 yuan / ton
.
At the end of the month, traders shipped positively, there was a lack of buying, the market trading was difficult to unfold, and supply and demand were more likely to fall into a standoff
.
However, under the sharp fall of the plate, copper prices are difficult to guarantee at 49,000 yuan / ton, the price difference between the current month and the next month is only 10-20 yuan range, and for more than three weeks after the National Day holiday, the import ratio has been poor, the import loss has reached nearly 1,000 yuan a line, and the inventory of the holders is gradually digesting, so into November, the holders may still be interested in raising the water again, but consumption is difficult to support, supply and demand may still have a period of stalemate
.

In terms of news, the Asian dollar index fluctuated at a high and is now trading around 96.
959, due to the weakness of European currencies, while the US consumer confidence data is very strong, boosting the confidence of the dollar market, and the dollar index is strong
again.

In terms of industry, Canada's first quantum mining company raised its copper production forecast for 2018 in its third-quarter report due to increased
copper production from its African mines.
Production increased
at the Kansanshi and Sentinel copper mines in Zambia and the Guelb Moghrein mine in Mauritania.
First Quantum Mining's copper production in the third quarter rose 4% year-on-year to 151,241 tonnes
.

During the day, Shanghai copper fluctuated weakly, as the US dollar index continued to fluctuate at a high level and broke through the 97 mark, resulting in a general continuation of weakness in base metal prices
.
On the technical side, the MACD indicator showed a downward trend, the green column further expanded, the futures price fell below the average combination, and the short-term trend was still weak
.
Operationally, it is recommended that the CU1812 contract can consider short order intervention around 49300 yuan / ton, and the stop loss refers to 49800 yuan / ton
.