Shanghai copper's main force rushed to the high pullback, and it is expected that the short-term upward resistance will be encountered

Market focus: There is news that the EU has agreed in principle to a Brexit extension, and a decision on the matter may be made on Friday, and the British Parliament will also vote
on the extension of the Brexit.
At 19:45 Beijing time on Thursday, the ECB will announce its October interest rate decision, followed by ECB President Mario Draghi holding a press conference
.
Codelco said the project had resumed normal operations on Wednesday after union workers and government officials reached an agreement of intent late Wednesday to end the day-long strike
.

Spot analysis: On October 24, spot 1# electrolytic copper was quoted at 47300-47380 yuan / ton, with an average price of 47340 yuan / ton, a daily increase of 305 yuan / ton
.
The high copper price suppresses the market buying sentiment, and the day is the trading day of the last monthly ticket before the tax stamp upgrade, and this month's long order has basically ended, copper prices are higher, inhibiting downstream goods, traders have abundant inventory, resulting in a light
overall demand performance in the market.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 61,997 tons on Wednesday, a daily increase of 778 tons; On October 23, LME copper stocks were 269525 tonnes, down 825 tonnes
per day.

Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 64983 lots, a daily increase of 2593 lots, short positions of 83801 lots, a daily increase of 1514 lots, a net short position of 18818 lots, a daily decrease of 1069 lots, both long and short increases, and net space decreases
.

Market research and judgment: On October 24, the main force of Shanghai copper 1912 rushed to the high pullback
.
Brexit blocked, the slowdown in the pound sterling support the dollar, the downward pressure on the global economy has increased, the market sentiment is cautious, and the impact of the recent copper mine strike is gradually digested, the resistance above copper prices still exists, and the marginal demand of the terminal real estate and home appliance industries has improved, and the future power investment is also expected to pick up, which has some support
for copper prices.
In terms of spot, copper prices are high to suppress market buying sentiment, and it is the trading day of the last monthly ticket before the tax stamp upgrade, this month's long order has basically ended, copper prices are higher, inhibiting downstream goods, traders are abundant in inventory, resulting in a weak
overall demand performance in the market.
Technically, the trading volume of the main 1912 contract of Shanghai copper has increased significantly, focusing on the resistance above the 47700 position, and it is expected that the short-term upward resistance will be encountered
.
In terms of operation, it is recommended that the Shanghai copper 1912 contract can be at a high altitude near 47500 yuan / ton, and the stop loss is 47700 yuan / ton
.