The main force of Shanghai copper is expected to stabilize and fluctuate in the short term

Market focus: (1) US President Trump and House Speaker Pelosi accused each other of being responsible for the lack of progress in stimulus negotiations, but White House economic adviser Kudlow predicted that negotiations would continue
.
(2) The Escondida copper miners' union in Chile, the world's largest copper mine, failed to agree on labor contracts, resulting in an increased
risk of strikes.

Spot analysis: On October 12, spot 1# electrolytic copper was quoted at 51520-51640 yuan / ton, with an average price of 51580 yuan / ton, a daily increase of 15 yuan / ton
.
Yangtze River Nonferrous Metal reported that the cargo holders shipped at a high price, some merchants received a small number of goods, and the downstream was afraid of heights to maintain rigid demand, and the transaction was slightly flat
.

Warehouse receipt inventory: the total number of Shanghai copper warehouse receipts on Monday was 61,308 tons, an increase of 5,952 tons per day; On 9 October, LME copper stocks were 153925 tonnes, down 825 tonnes
per day.
As of the week of October 9, the previous Shanghai copper inventory was reported at 156454 tons, a weekly increase of 1383 tons
.

Main positions: the top 20 long positions of Shanghai copper main 2011 contracts were 83122 lots, a daily increase of 3388 lots, short positions were 67936 lots, a daily increase of 642 lots, a net long position of 15186 lots, a daily increase of 2746 lots, both long and short increases, and net long increases
.

The resumption of bipartisan negotiations in the United States and the continued spread of the epidemic, the market widely expects that a new stimulus plan will be launched, and the dollar index is under pressure; Upstream Chile's Candelaria copper mine held a strike, while the Escondida copper miners will also be at risk of strike, and supply-side disruptions have increased, supporting copper prices
.
However, the epidemic in Europe has rebounded, and the economic outlook is still under greater pressure, and the stock of London copper has increased sharply before the holiday; In addition, the domestic gold nine peak season has failed, and the silver ten has not yet appeared, limiting the space
above copper prices.
Technically, the Shanghai copper 2011 contract increased its position to close the long lower shadow, and the mainstream bulls increased their positions more, and it is expected that the short-term will stabilize and fluctuate
.