[brief review of SMM copper futures] the macro weak position suppresses the copper price on the action can Shanghai copper open higher and then fall back

SMM, 28 October:

Today, the Shanghai copper main contract opened in the morning at 47550 yuan / ton, the opening is to rush the day's highest level of 47640 yuan / ton, followed by lack of market confidence, a large number of short positions, until the second quarter trading center of gravity in 47450 yuan / ton shock, afternoon opening, the center of gravity briefly in 47450 yuan / ton shock, then moved up to 47500 yuan / ton, close at 47430 yuan / ton, up 70 yuan / ton, up 0.15%. Shanghai copper main contract 1912 position increased by 4030 hands to 228000 hands, trading volume increased by 8974 hands to 137000 hands. The Shanghai copper index increased its position by 308 hands to 542000, while trading volume increased by 20, 000 to 261000. At present, the 1911 and 1912 contracts continue to maintain the Contango structure, and the price spread has been widened to 90 yuan / tonne. Today, the overall performance of Shanghai copper is high and low, the main reason is that after the optimistic news of short-term OPEC production reduction has been digested, the market is still dominated by the weak macro market, coupled with the current obstruction of Brexit, aggravating the market risk aversion and worries about the European economy, copper prices remain stable and high. At present, Shanghai copper receiving cross star, the upper film line is too long, showing that the market selling pressure is heavy, the technical side is difficult to say good. In the evening test Shanghai copper can continue to hold 47400 yuan / ton level.

(SMM Song Yi)