The main force of Shanghai copper rushed back down, and the market risk appetite heated up

Market focus: Ministry of Commerce spokesperson Gao Feng said that if China and the United States reach a phase one agreement, tariffs should be canceled at equal rates according to the content of the agreement, which is an important condition for
reaching an agreement.
The Bank of England announced that it kept interest rates unchanged at 0.
75%, in line with market expectations, and worried that two yuan unexpectedly voted for a rate
cut.
China imported 1.
914 million tons of copper ore and its concentrate in October, and the total import volume from January to October was 17.
916 million tons, an increase of 8.
3%
year-on-year.
Imports of unwrought copper and copper products in October were 431,000 tons, down 3
from the previous month.
15%； From January to October, the total import volume was 3.
97 million tons, down 10%
year-on-year.

Spot analysis: On November 8, spot 1# electrolytic copper was quoted at 47340-47400 yuan / ton, with an average price of 47370 yuan / ton, a daily increase of 250 yuan / ton
.
Holders gained confidence in the sharply improved market conditions, and the morning market quotation once again raised the flag, but the downstream and traders experienced a batch of receipts, the overreported premium made them stop, and the downstream only maintained rigid demand, which was significantly lower
than the previous day's purchases.

Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 71,146 tons on Friday, a daily increase of 3,418 tons; On November 7, LME copper stocks were 238,550 tons, down 3,375 tons per day, down for six consecutive days
.
As of the week ended November 8, the stock of copper cathode on the Shanghai Futures Exchange was 148687 tons, down 1224 tons
per week.

Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 53622 lots, minus 935 lots per day, short positions were 66056 lots, daily minus 923 lots, net short positions were 12434 lots, daily increase of 12 lots, long and short were reduced, net short increased
.

Market research and judgment: On November 8, the main force of Shanghai copper 1912 rushed back down
.
Two members of the Bank of England supported a rate cut, the pound fell heavily in favor of the dollar, China's copper mine imports increased in October, as smelters built raw material inventories to prepare for negotiations with miners on a 2020 supply agreement, putting pressure on copper prices, but optimistic news from Sino-US trade talks heated up market risk appetite, while China's scrap copper import approvals shrank sharply, supporting copper prices
.
Technically, the Shanghai copper main 1912 contract is longer in the upper shadow, focusing on the 46900 position support, and it is expected that the short-term shock adjustment
.
In terms of operation, it is recommended that the Shanghai copper 1912 contract can be sold high and low in the range of 47100-47400 yuan / ton, and the stop loss is 200 yuan / ton
each.