SMM, 18 October:
Today, the Shanghai copper main contract 1912 opened in the morning at 46670 yuan / ton, after the opening of the center of gravity moved up to 46700 yuan / ton, then the center of gravity remained stable until the end of the afternoon, the opening of the afternoon fell, the center of gravity down to 46590 yuan / ton near shock finishing, and then slightly rebounded to close at 46570 yuan / ton, down 60 yuan / ton, down 0.13%. Shanghai copper main contract daily reduction of 236 hands to 236000 hands; trading volume increased by 15000 hands to 120000 hands; Shanghai copper index positions increased 3600 hands to 571000 hands; trading volume increased 9970 hands to 232000 hands. Today, the market trend is weak, the overall operation below the daily average, as a result of the release of domestic GDP data for the third quarter this morning, the market confidence continued to decline; the recent crude oil trend is still tired, EIA and API crude oil stocks rose sharply, making oil prices basically fluctuating around 53 low levels, reflecting the market's concerns about the demand side, thus further suppressing the trend of copper prices. At present, Shanghai copper collection entity Dayin column, the top pressure on a number of moving averages, the technical side of the resistance level is still strong, the night again test 46500 yuan / ton level.
(SMM Song Yi)
