Copper price shock adjustment long and short positions are cautious

In terms of the market, Shanghai copper fluctuated slightly around the daily moving average, hovering at 48200 yuan / ton
.
On the last trading day of this year, the market's pre-holiday bargain reserve demand is basically over, trade flow has been significantly reduced compared with previous days, most enterprises have entered the annual settlement and closing, the market trading atmosphere has faded, there are few quotations, the willingness to ship is weakened, and the holders have no intention of selling
at a low price on the last day 。 The market quotation has been fully premium, the morning carrier quotation premium 10-60 yuan / ton, there are a small number of downstream enterprises before the holiday last replenishment, after the appearance of partial transactions, flat water copper quotation will rise to 20-30 yuan / ton, good copper quotation raised to premium 70-80 yuan / ton, wet copper quotation has been difficult to find the previous low-priced goods, the quotation is mostly within 150 yuan / ton discount
.
After a small replenishment, the market returned to calm and showed a stalemate again
.
Although a small amount of imported copper entered the market before the end of the year, the inventory volume was limited, and the inventory remained low, and the full premium within the day guided the direction of market spot quotations after the New Year
.

In terms of news, the Asian dollar has weakened, now trading around 96.
367, the US government has been partially shut down for six days, and the stalemate on the Trump border wall issue still has not seen any compromise
.
Zambia's copper production rose 8.
6 percent in the nine months to September, with Statistics South Africa saying in a statement that the country produced 631,050 tonnes of copper in the first nine months of 2018, compared to 581,334 tonnes
in the same period last year.
But the Zambian government's new mining tax bill still worries
the country's mining prospects.

During the day, Shanghai copper was weak and volatile, as the shutdown of some departments of the US government and the negative profit growth of China's industrial enterprises above designated size in November further triggered market concerns about the global economy, and copper prices came under pressure
.
In the spot market, on the last transaction day of spot goods in 2018, the low price superimposed on the New Year's Day holiday is approaching, and the willingness to receive goods downstream has increased significantly, and there are more goods, but because some traders have already closed their accounts and do not do business, there is still a slightly difficult situation
of receiving goods.
Operationally, it is recommended that the CU1902 contract can consider short order intervention around 48500 yuan / ton, and the stop loss refers to 49000 yuan / ton
.