The main contract of Shanghai copper fell and fluctuated, and the downstream maintained a wait-and-see attitude at the end of the month

Market focus: The Fed announced a 25 basis point rate cut as scheduled, which also indicated that policy easing may be close to a halt
.
China's 10-month manufacturing PMI was 49.
3%, down 0.
5 percentage points from the previous month, the lowest since eight months, and in contraction territory for six consecutive months
.
Peru gave the green light to Southern Copper's long-delayed Tia Maria copper mine, subject to appropriate social and environmental conditions
.

Spot analysis: On October 31, spot 1# electrolytic copper was quoted at 47160-47240 yuan / ton, with an average price of 47200 yuan / ton, down 190 yuan / ton
per day.
The spot market stalemate remains unchanged, the last day of the month, market consumption is weak, the activity of the trade market is difficult to increase, the market inquiry atmosphere is still positive, at the end of the month, the downstream still remains on the sidelines, no active buying, the holder's quotation is also unchanged, some traders have a low price, but the pressurable space is limited, the supply and demand sides continue to tug-of-war, the market is lackluster, waiting for the cross-month, trading is expected to break the deadlock and break through
.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 69,714 tons on Thursday, an increase of 7,455 tons per day; On October 30, LME copper stocks were 270325 tonnes, up 19,575 tonnes
per day.
In the week ended October 25, the stock of copper cathode on the Shanghai Futures Exchange was 143,010 tons, a weekly decrease of 9,489 tons
.

Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 62263 lots, minus 3399 lots, short positions were 77444 lots, daily minus 6296 lots, net short positions were 15181 lots, daily minus 2897 lots, long and short were reduced, and net space was reduced
.

Intraday Shanghai copper main force 1912 fell and fluctuated
.
The Federal Reserve announced a 25 basis point interest rate cut, the UK avoided the risk of a no-deal Brexit, the US dollar came under pressure, coupled with the recent frequent production of copper mines in Chile, which is expected to have an impact on copper mine supply and support copper prices, but China's October manufacturing PMI data was weak, adding to market pessimism, while Chile suspended the APEC summit, making the timing of the Sino-US trade agreement unclear, copper prices were weak
。 In terms of spot, market consumption is weak, trade market activity is difficult to improve, market inquiry atmosphere is still positive, at the end of the month, the downstream still maintain wait-and-see, no active buying, holders quotations are unchanged, some traders have low prices, but the pressure space is limited
.
Technically, the daily MACD red column of the main 1912 contract of Shanghai copper shrinks, and the long position reduction is obvious, and the short-term shock is expected to be weak
.