【Market Review】 Shanghai copper prices. Shanghai copper main contract 1501, opened today at 47,710 yuan / ton, closing at 47,530 yuan / ton, up 120 yuan / ton, hand positions increased 5714 to 352,564 hands, the volume of 183250 hand.

【Fundamentals】

Industry, Reuters survey, the copper market is expected to appear this year, oversupply, next year's oversupply situation will be more serious, but strikes and delays and other events may affect the above expectations, these two strikes may make the market supply of copper to reduce 70,000 tons, About 5% of the global monthly copper supply.

Spot, the Shanghai non-ferrous metals net premium 20 yuan / ton, the Yangtze River today, the average price of morning copper 48,255 yuan / ton, premium 10 yuan / ton - premium 40 yuan / ton.

Stocks, LME copper stocks rose to four-month high. October 28 LME copper inventories increased by 1,500 tons to 161,050 tons, 36.425 tons canceled warrants, write-off accounted for 22.62%. October 28 Shanghai copper warehouse receipts to reduce the 327 tons to 21,492 tons. Shanghai Stock Exchange copper stocks last week to reduce 2134 tons to 95101 tons.

[Technical] lack of economic growth in the global economy, the copper into the surplus, the real estate consumption in the context of slowing down, copper prices are difficult to change the downward trend, short-term macroeconomic policy changes to copper prices will support, but rallies still Is the main operating direction. Copper is expected to be effective if the next break $ 6600 and 47000 line, copper prices will be down to this year's low of $ 6300, 43,700 yuan near Shanghai copper.

1412 contract opened higher shocks down, days to suppress the 47700 line, bottom support 47410, LME focus on 6770 line suppression, affected by the recent copper strike, copper price shock rebound, day attention 47600 first-line suppression situation, rallies unchanged .

Galaxy Futures Jinan Sales Department Li Yanqiang Tel: 0531-81678877