[brief Review of SMM Copper delivery] in October, the PMI of the official manufacturing industry in China was lower than expected, and the focus of copper in Shanghai fell back.

SMM, 31 October:

Today, the Shanghai copper main contract 1912 opened in the morning at 47390 yuan / ton, immediately after the opening of a large number of positions, the market quickly fell to 47310 yuan / ton low, and then slightly rebounded and continued to fall to the day's lowest point of 47270 yuan / ton, then the center of gravity rebounded slightly, the opening center of gravity continued to move up to 47360 yuan / ton in the afternoon, closing at 47330 yuan / ton, down 180 yuan / ton, down 0.38%. Shanghai copper main contract 1912 position decreased by 3604 hands to 214000 hands, trading volume increased by 3036 hands to 16000 hands. At present, the position continues to move backward, Shanghai Copper increased its position by 5464 hands in 2001 to 145000 hands, and Shanghai Copper increased its position by 6012 hands to 62000 hands in 2002. Shanghai copper index positions fell 5356 hands to 535000 hands, trading volume increased 1302 hands to 37000 hands. The contract between Shanghai Copper 1911 and 1912 continues to maintain the Contango structure of about 90 yuan spread. Today, the focus of the disk fell back, mainly due to the release of domestic October PMI data in the morning was not expected, exacerbating domestic concerns about the manufacturing situation, Shanghai copper fell 80 yuan in an instant. At present, Shanghai copper collection entity Dayin column, above has fallen below the 5-day moving average, MACD red column has been shortened, technology in the face of copper market partial empty. A large number of economic data will be released in the evening to test whether we can continue to stick to the 47300 yuan / ton mark.