The main force of Shanghai copper fluctuated widely, and market demand was expected to improve

Market Focus: On October 25, the leaders of the two sides of the United States and China made a phone call, confirming that the technical consultations on some texts were basically completed, and that they will call
again in the near future.
British Prime Minister Boris Johnson has said he will restart the suspended Brexit deal legislative process
if the lower house of parliament votes to hold a snap general election on December 12.
Mining company MMG said production and transportation from the Las Bambas copper mine in Peru have resumed and key materials have been delivered
on Friday, October 18.
The mine has been blocked
since October 15 due to protests.

Spot analysis: On October 28, spot 1# electrolytic copper was quoted at 47340-47400 yuan / ton, with an average price of 47370 yuan / ton, a daily increase of 145 yuan / ton
.
In the morning, the holder's quotation remained at flat water - 30 yuan / ton, but when the copper price was high and all VAT tickets were stopped, it was difficult for the downstream to have the willingness to enter the market to receive goods, traders intended to receive goods at more discounts, and the holders did not increase the price reduction rate and rushed to exchange cash, the deadlock between buyers and sellers was obvious, and the spot trade trading atmosphere was difficult to improve
for the time being.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 62,158 tons, an increase of 960 tons per day; On 25 October, LME copper stocks were 261025 tonnes, down 4,225 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 are 65896 lots, with a daily increase of 889 lots, short positions are 84479 lots, a daily increase of 1319 lots, net short positions are 18583 lots, a daily increase of 430 lots, long and short are increased, and net space increases
.

Intraday Shanghai copper main force 1912 wide range oscillation
.
Brexit once again encountered obstacles, US economic data exceeded expectations, the dollar rebounded, while global economic pessimism continued, and the impact of copper mine strikes gradually digested, pressure on copper prices increased, but Sino-US trade negotiations made some progress, conducive to the repair of market risk sentiment, while terminal home appliance production increased year-on-year, demand improvement expectations strengthened, copper prices were supported
.
In terms of spot, the morning holder's quotation is firm, it is difficult for the downstream to have the willingness to enter the market to receive goods, traders intend to receive goods at more discounts, and the holders have not increased the price reduction range and are eager to exchange cash, and the deadlock between buyers and sellers is obvious
.
Technically, the main 1912 contract of Shanghai copper is longer in the upper shadow, and the daily MACD red column is incremented, and it is expected that the short-term upward resistance will be encountered
.