SMM, 24 October:

Today, the Shanghai copper main contract 1912 opened in the morning at 47400 yuan / ton, after the opening shock downward, the center of gravity remained stable around 47380 yuan / ton, the center of gravity continued to decline slightly 20 yuan to 47360 yuan / ton in the second quarter of the trading session, the afternoon surface continued the downward trend of the center of gravity to 47320 yuan / ton, the end of the day closed at 47360 yuan / ton, up 320 yuan / ton, an increase of 0.68%. Shanghai copper main contract 1912 position increased by 2382 hands to 227000 hands, trading volume increased by 96000 hands to 205000 hands. Shanghai Copper 2001 and 2002 contract positions increased by 6460 hands to 171000 hands. Shanghai copper index positions increased by 2410 hands to 543000 hands, trading volume increased by 139000 hands to 355000 hands. The main reason for today's slight decline is still the news of the strike at the end of the overnight crude oil inventory reduction and superposition has been temporarily digested by the market, coupled with the current macro still no signs of improvement, copper prices stand high and weak, the center of gravity has moved down slightly. At present, Shanghai copper closing Yangzhu, has stood firmly above the EMA. There is a flood of European economic data released today that will guide copper prices. In the evening, test whether Shanghai copper can continue to stand at the level of 47300 yuan / ton.

(SMM Song Yi)