SMM, 30 October:
Today, Shanghai copper main contract 1912 opened at 47540 yuan / ton in the morning, opened at an intraday high, then short increased position, the market all the way down to 47490 yuan / ton, the center of gravity stabilized until the end of afternoon trading; afternoon trading Shanghai copper overall rose, all the way to 47550 yuan / ton, closing at 47510 yuan / ton, up 70 yuan / ton, up 0.15%. Shanghai Copper's main contract 1912 position increased by 2600 hands to 228000 hands, while trading volume increased by 18000 hands to 109000 hands. The Shanghai Copper Index increased its position by 5448 to 545000 and trading volume by 19000 to 227000. The trend of Shanghai copper in Japanese trading first suppressed and then rose, basically still hovering around 47500 yuan / ton, mainly because the current market is most concerned about the Fed's interest rate decision this week, the market is expected to cut interest rates by 25 basis points, the US index also fell slightly to 97.6, to support the copper price high and stable. At present, Shanghai copper closing Yang, has stood above the 5-day moving average, the technical side is slightly good. In the evening, wait for the guidance of the outside market to test whether Shanghai Copper can continue to stabilize the 47500 yuan / ton gate.
(SMM Song Yi)