On Monday, the main early market of Shanghai copper opened at 48920 yuan/ton, and the price of copper in Panchu was narrowed along the daily average. The range of fluctuation was 48920 yuan/ton to 49030 yuan/ton. Luncan copper weakened, Shanghai copper shorts entered with warehouses, and bulls were forced to leave the market. The fluctuation of copper price went down to 48840 yuan/ton, Luncan copper low rose slightly, and Shanghai copper rose rapidly to the vicinity of the daily average, piercing above the daily average. Narrow amplitude oscillation upward, during the exploration day high 49150 yuan/ton. In the afternoon, Lun Tong fell, Shanghai Copper fell from a daily high of 49107 yuan/ton to a low of 48972 yuan/ton below the daily average. Fortunately, low-level buying, copper price shocks up to a higher level of 49100 yuan/ton above the daily average, hindered by narrow fluctuation downward. During the period, copper prices mostly consolidated above the daily average, and copper prices fell back to below the daily average, closing at 48920 yuan/ton, falling 360 yuan/ton, a decline of 0.7. 3%.

Outer square metres, Lun Tong Wei stable shocks, sub-market period, Lun Tong opened at $6050.5/ton, after the opening of the market, long-term take advantage of low-carrying warehouses into the market, copper price shocks up to $6080/ton near narrow finishing, touch up $6085.5/ton, during the short-term exploration of $6052/ton, noon disk amplitude narrowed to $4/ton, afternoon U.S. index rose, copper prices quickly fell below the daily average, after the short-term hit a low. The U.S. index rose to 97.37 at the beginning of Europe and the United States, and the pressure fluctuation of copper price dropped to 6052 U.S. dollars per ton. During the period, U.S. crude oil rose and copper price rebounded to 6,072 U.S. dollars per ton due to OPEC's announcement that it would reduce supply by 1 million barrels per day. However, as the U.S. index surpassed 97.578, copper rebounded and its center of gravity dropped to 6,045 U.S. dollars per ton, the U.S. index fell slightly after reaching the bottom. The bulls brought their warehouses into the market again, and copper prices rose back to the daily average.

On the market side, Shanghai copper futures has fallen to 49,000 yuan/ton. The monthly base difference is still between 90 yuan and 100 yuan/ton at the early interval. The price rise of 50 yuan to 90 yuan/ton by the holder is difficult to be recognized by the market. After 10 o'clock, the monthly price difference narrows gradually. The holder lowers the quotation under the inability of shipment, and the level copper first lowers the quotation by 30 yuan/ton. Zhongshui traded between 60 and 70 yuan/ton of Shengshui. Entering the second trading stage, the market inquiry atmosphere improved. For the purpose of closing the transaction, the price of copper in Pingshui was as low as 20 yuan per ton, while the price of copper in Pingshui remained unchanged from 60 to 70 yuan per ton, and the reduction was limited. Downstream is fearful of falling, low willingness to receive goods, wet copper with market quotation discount 70-40 yuan/ton, some lower-end import brands Bulgaria can be reduced to discount 40 yuan/ton.

Copper prices have not yet stabilized, downstream buy-on-demand, traders mainly trade at a reduced price, good copper speculation space is scarce, before the delivery of trading is difficult to change the stalemate. Price differentials before delivery are still guided by monthly price differentials. In the afternoon, due to the strong market wait-and-see sentiment, downstream expectations for prices remain bearish, transaction heat is low, more light than in the morning, the monthly base difference further narrowed to 40 yuan/ton line, the holder was forced to keep falling and rising water, traders pressure prices are even worse, Pingshui copper has pressure space, and even has heard about the 10 yuan trading part of Pingshui copper, the market favors better copper slightly better. In the afternoon, Pingshui copper generally reported 20 yuan/ton of water level to water level, while good copper continued to decline, reporting 30 yuan/ton of water level to 50 yuan/ton of water level. The transaction price has fallen to 48 980 yuan/ton to 49070 yuan/ton with the decline of the market level.

In the day, Shanghai Copper's main report is Liulianyin. The center of gravity is now losing all the support of the average line, showing a step-down, temporarily receiving the support of Brin's derailment, KDJ's opening down, and MACD's green energy column is expanding. Waiting for the guidance of the external disk, we will test whether the main center of gravity of Shanghai Copper will continue to fall to around 48800 yuan/ton in early November.