Within the disk:

Shanghai copper main contract 1512 yesterday evening after the trough to open higher finished lower today morning volatility in the afternoon all the way up to close at 39700 yuan / ton, higher than the previous day 640 yuan / ton. The main contract volume increased, open interest increased.

External disk:

Overnight LME three-month period of copper Europe and the United States closed up slightly, the final increase of 0.79%, to close at 5233 yuan / ton. LME copper stocks fell 2675 tons to 277,600 tons.

Domestic stock:

Ton, the price of copper water Ping 39420 yuan / ton -39540 yuan / ton, premium copper transaction price of 39,450 yuan / ton -39,600 yuan / ton, the price of copper, Ton.

Economic data and macro dynamics:

1. the European Central Bank to maintain the current benchmark interest rates on loans and deposits in the case, and finally released the year-end loose signal. Although Draghi said only "will be in December to re-examine the effect of the current European version of QE", but in fact half the effect of QE has been evident, it is difficult to re-emergence of the remaining two months of this year turn for the better.

2. SAFE: to be January 1, 2016 on-line foreign exchange business monitoring system. In order to ensure the smooth connection between designated foreign exchange banks and individual foreign exchange institutions, the General Administration of the People's Republic of China decided to carry out trial operation of personal foreign exchange system from November 2015 to December 2015.

Analysis and Review:

SAFE data show that in September the Bank's foreign exchange settlement deficit of 109.2 billion US dollars, the highest in 2010, a record deficit since. In the first three quarters of the year, the accumulated deficit on sales of foreign exchange was US $ 301.5 billion. In this regard, SAFE said that China did not appear signs of capital flight, the future balance of payments to maintain a balance of confidence. The market for the sensitivity of the digital nature will make the appropriate direction of choice, the reason is still increasing shocks, or next week, an important domestic meeting. October 26 -29, the Eighth Fifth Plenary Session will be held. The market is highly concerned about the "13th Five-Year" economic growth objectives to determine, and related policy adjustments.

Huawen Futures R & D Department: Wu Wenqian

Tel: 021-50368918-8413