The main force of Shanghai copper opened high and fluctuated, and the market wait-and-see mood was strong

Market focus: The House of Commons voted to approve a bill introduced by the British government to hold a snap general election on December 12 to break the current Brexit impasse
.
At 2:00 Beijing time on Thursday, the US Federal Open Market Committee (FMOC) will announce its interest rate decision and policy statement, followed by Powell's press conference
.
On Tuesday, some workers at the world's largest copper mine, Chile's Escondida copper mine, went on strike for the third time
.

Spot analysis: On October 30, spot 1# electrolytic copper was quoted at 47360-47420 yuan / ton, with an average price of 47390 yuan / ton, a daily increase of 45 yuan / ton
.
Morning market holders quoted flat water - premium 20 yuan / ton, the end of the month is approaching, the market wait-and-see mood under the transaction is weak, few people respond, the copper high sideways, the market is still cautious wait-and-see; Downstream continues to maintain rigid demand, traders expect to receive goods at a greater discount, and the trade trading atmosphere is still difficult to improve
before the new month.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,259 tons on Wednesday, an increase of 1 ton per day; On October 29, LME copper stocks were 250,750 tons, a daily decrease of 4,900 tons, a five-day
decline.

Main positions: the top 20 long positions of Shanghai copper main 1912 contract are 65662 lots, a daily increase of 713 lots, short positions are 83740 lots, a daily increase of 698 lots, net short positions are 18078 lots, a daily decrease of 15 lots, long and short increases, and net space decreases
.

Market research and judgment: On October 30, the main force of Shanghai copper 1912 opened high.

Brexit deadlock broken, the dollar is under pressure, Sino-US trade negotiations have made some progress, market risk appetite has heated up, while Chile copper mine disturbance still exists, and the recent cathode copper inventory has shown a downward trend, which supports copper prices greater, but the Fed's interest rate decision is coming, the market has basically digested interest rate cut expectations, and Powell's subsequent remarks may be more hawkish, which will make the dollar rise, which may be bad for copper prices, and the current downstream demand is still weak, putting pressure
on copper prices 。 In terms of spot, the end of the month is approaching, the market wait-and-see sentiment is weak in trading, few people respond, the downstream continues to maintain rigid demand, traders expect a larger discount price to receive, and the trade trading atmosphere is still difficult to improve
before the cross-month.
Technically, the daily MACD red bar increase of the main 1912 contract of Shanghai copper, the increase of long positions, and the short-term strong trend
is expected.
In operation, it is recommended that the Shanghai copper 1912 contract can be long at a light position around 47450 yuan / ton, and the stop loss is 47250 yuan
.