SMM, 17 October:

Today, the Shanghai copper main contract 1912 opened in the morning at 46650 yuan / ton, after the opening of the center of gravity that is to maintain 46650 yuan / ton near the shock finishing, has continued to close an hour before the close, and then down to the day's lowest level of 46580 yuan / ton, the end of the day slightly rebounded and closed at 46650 yuan / ton, down 0.49%. The main contract of Shanghai Copper increased its position by 6057 hands to 237000 hands, and the trading volume increased by 3984 hands to 105000 hands. At present, the position continues to move backward, with 11000 new positions in Shanghai Copper 2001 and 2002 contracts, an increase of 18000 hands in the Shanghai Copper Index to 568000 hands, and an increase in trading volume of 31000 hands to 222000 hands. The trend continued to maintain stability today, mainly due to the continued weakness of global economic data released in recent days, and the market heightened concerns about macroeconomic weakness. At the same time, the current hindrance of Brexit negotiations has exacerbated market uncertainty, and the low position of copper in Shanghai has maintained stability. At present, Shanghai copper has lost all moving average support, MACD green column continues to stretch, waiting for the outer disk guide test at night can continue to maintain the 46500 yuan / ton level.

(SMM Song Yi)