The main force of Shanghai copper opened high and fluctuated, and most of the market showed caution

Market focus: The delay in the vote on a new Brexit deal and the forced search for another extension of the Brexit deadline have increased the possibility of
a no-deal Brexit.
GDP grew 6 percent year-on-year in the third quarter, below the median estimate of 6.
1 percent, the lowest quarterly GDP on record since 1992
.
In September, China's refrigerator production was 7.
367 million units, a year-on-year increase of 3.
9%; The production of air conditioners was 17.
839 million units, a year-on-year increase of 10.
6%; Production of washing machines was 7.
205 million units, a year-on-year increase of 7.
6%; Production of color TVs was 19.
522 million units, down 4%
year-on-year.

Spot analysis: On October 21, spot 1# electrolytic copper was quoted at 47140-47240 yuan / ton, with an average price of 47190 yuan / ton, a daily increase of 450 yuan / ton
.
Early but the high market and the premium is high, the transaction is more wait-and-see, the holder's quotation is slightly loosened, the rise in copper prices inhibits the downstream entry into the market to take goods, trade also has no intention of entering the market to receive goods here, the market is mostly cautious, traders are mostly to complete the final order of this month's long order delivery, but the holder's willingness to raise the price of the monthly ticket has not changed
for the time being.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 63,247 tons on Friday, a daily increase of 593 tons; On October 17, LME copper stocks were 275,100 tons, down 475 tons
per day.
In the week ended October 18, the stock of copper cathode on the Shanghai Futures Exchange was 152499 tons, an increase of 17,990 tons
.

Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 63681 lots, minus 4984 lots per day, short positions were 81383 lots, daily minus 3786 lots, net short positions were 17702 lots, daily increase of 1198 lots, long and short were reduced, and net space increased
.

On October 21, the main force of Shanghai copper 1912 opened high.

Brexit uncertainty has increased again, the fall of the pound sterling supports the stabilization of the US dollar, while the downward pressure on the global economy has increased, China's GDP growth rate has declined slightly, market pessimism still exists, forming some pressure on copper prices, but the recent copper mine supply disturbances are frequent, and China's imported scrap copper approval volume is reduced, coupled with the year-on-year increase in air conditioning production in September, downstream demand has improved, which is good for copper prices
.
In terms of spot, early but high plates and high premiums, transactions are more wait-and-see, holders of quotations are slightly loosened, copper prices rise inhibit downstream entry into the market to take goods, trade also has no intention of entering the market here to receive goods, the market mostly shows cautious stop
.
Technically, the main 1912 contract of Shanghai copper returned above the 10-day moving average, and a golden cross appeared in the daily KDJ, which is expected to be strong in the short term
.