SMM, 23 Oct:

Today, the Shanghai copper main contract opened at 47010 yuan / ton in the morning, the center of gravity maintained 47060 yuan / ton shock finishing after the opening, then the bulls reduced their positions one after another, the copper price stepped down until the end of noon, the center of gravity continued to move up to 47020 yuan / ton in the afternoon, but the market confidence was insufficient, the bulls left one after another, and closed down at 46930 yuan / ton, down 210 yuan / ton, down 0.45%. The main contract position of Shanghai Copper decreased by 1808 hands to 225000 hands today, while the trading volume increased by 5454 hands to 17000 hands. Today, the position continued to move backward, Shanghai Copper 2001 and 2002 contracts increased by about 7200 hands to 348000 hands. The Shanghai copper index reduced its position by 4128 hands to 540000, while trading volume increased by 6668 to 36000. The pullback from today's high was mainly due to delays in the current Brexit plan and increased pessimism in the market, as some investors withdrew from the market, coupled with the already weak global macroeconomic situation. At night, waiting for the outer plate to guide, test whether Shanghai copper can hold the 46900 yuan / ton barrier.

(SMM Song Yi)