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LME copper volatility fell slightly on Tuesday, as of 15:05 Beijing time, 3-month London copper was reported at $5803 / ton, down 0.
29%
on the day.
The main 1912 contract of Shanghai copper opened low and rebounded, with the highest 47060 yuan / ton and the lowest 46730 yuan / ton during the day, and the closing price of 46960 yuan / ton, down 0.
02% from the closing price of the previous trading day; The trading volume was 118,400 lots, a daily decrease of 35,790 lots, and the position was 227,700 lots, an increase of 3,722 lots
per day.
The basis was reduced to 25 yuan/ton; The price spread of Shanghai copper in 1911-1912 narrowed to -60 yuan / ton
.
Market focus: In September 2019, China's CPI rose 3.
0% year-on-year and 0.
9% month-on-month; China's PPI fell 1.
2% year-on-year and rose 0.
1% month-on-month, with food prices rising 11.
2%.
According to the latest news from the BBC, the European Union is considering holding a new emergency summit to "reach a Brexit agreement"
.
The Antucoya Small Copper Miners Association of Chile, a subsidiary of Antofagasta Mining, said it would start a strike on Wednesday at the mine, which produced 72,200 tonnes of copper in 2018, and is also organizing a strike at another copper mine, Los Pelambres, which produced 370,500 tonnes of copper in 2018
.
Spot analysis: On October 15, spot 1# electrolytic copper was quoted at 46950-47020 yuan / ton, with an average price of 46985 yuan / ton, down 95 yuan / ton
per day.
The morning market supply is abundant, the holders of goods are enthusiastic, the transaction is blocked, some holders take the initiative to reduce the quotation, subject to the recent strict control of logistics, the downstream is cautious to take goods, still wait and see, the market activity on the delivery day is low, and the delivery day is lower for the
month's quotation.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 62,927 tons on Tuesday, a daily increase of 1,199 tons; On October 14, LME copper stocks were 277,350 tonnes, down 4,975 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 68587 lots, a daily increase of 811 lots, short positions were 85242 lots, a daily increase of 695 lots, a net short position of 16655 lots, a daily decrease of 116 lots, long and short increased, and net space decreased
.
Market research and judgment: On October 15, the main force of Shanghai copper 1912 opened low and rebounded
.
Sino-US trade negotiations have made phased progress, market confidence has improved, while upstream copper mine supply disturbance has restarted, some mining areas have striked and stopped production, coupled with the current copper mine processing fee TC continues to be low, showing that copper mine supply is tight, which is good for copper prices, but the current downstream demand performance is not good, copper stocks have rebounded significantly after the holiday, so that copper prices are still
weak.
In terms of spot, the early market supply is abundant holders of goods holders are enthusiastic, and some holders take the initiative to reduce their quotations under the hindrance of transactions, subject to the recent strict control of logistics, and the downstream goods are cautious, still waiting and seeing
.
Technically, the Shanghai copper main 1912 contract daily MACD green column shortened, pay attention to the pressure above the 47400 position, and expect short-term shock adjustment
.
