[brief Review of SMM Copper] the optimism of trade and Brexit has been basically digested to maintain the stability of copper in Shanghai.

SMM, 15 October:

Today, the Shanghai copper main contract 1912 opened in the morning at 47010 yuan / ton, after the opening to maintain the concussion trend, long and short sides continue to stalemate saw, inseparable victory or defeat, the center of gravity in 46960-47040 yuan / ton between the shock to maintain stability, in the afternoon to continue the morning trend, the volatility spread remained within 1912 yuan / ton, closed at 46960 yuan / ton, down 90 yuan / ton, down 0.19%. The main contract of Shanghai Copper increased its position by 3722 hands to 228000 hands today, while trading volume decreased by 36000 hands to 118000 hands. At present, the disk position backward trend is obvious, 2001 and 2002 contracts increased a total of 7110 hands today, to 122000 hands. The Shanghai copper index increased its daily position by 7690 hands to 559000 hands, while trading volume decreased by 68000 hands to 243000 hands. The trend of the intra-day market is relatively stable. The main reason is that the optimism of Sino-US trade and Brexit has been basically digested by the market in recent days. The market has generally returned to rationality, worried about whether the follow-up results of trade are smooth, and the global weak macro situation has not yet shown signs of warming, causing the market to worry about the demand side. Copper prices are not dynamic enough. At present, Shanghai Copper has a big sunny pillar, MACD indicators are still green pillars, and there is too much technical and negative information. Test at night if you can continue to stabilize position 46900. Today, the Shanghai copper 1910 contract is facing delivery, opened at 46990 yuan / ton in the morning, fell to 46880 yuan / ton at the opening, and then rebounded, with the center of gravity fluctuating around 46930 yuan / ton, closing at 46880 yuan / ton, settled at 46900 yuan / ton, and the delivery volume reached 28750 tons. at present, the contract structure of 1910-1911 continues to maintain the Contango structure, and the contract price difference reaches 40 yuan / ton.

(SMM Song Yi)