Copper shock operation is difficult to have room for deep decline in the short term

In the external market, during the Asian session, the weakness of the US dollar boosted Lun copper higher, and the latest quotation of London copper at 15:00 Beijing time was 6133 US dollars / ton, up 38 US dollars, or 0.
62%.

The Sino-US trade situation is still uncertain, while the downward worry of the domestic economy has intensified, and it is not easy
for macro bearishness to affect copper prices.

In terms of the market, domestic spot copper prices remained stable, Yangtze River spot 1# copper price was reported at 49380 yuan / ton, down 30 yuan, premium 180-320; Shanghai spot 1# copper price was 49320 yuan / ton, down 35 yuan / ton
.
In the spot market, holders lowered their premiums, but there were still few downstream inquirers, and on-demand procurement restricted overall transactions
.
Shanghai spot copper quotations at 49210-49400 yuan / ton, up 45 yuan / ton, for 1812 contracts, up 90 yuan / ton - 230 yuan / ton
.
Today's market transaction is good, and downstream receiving demand is relatively good
.
Good copper reported around 340 in the morning, and then adjusted sharply to about 260, the market opened for trading, flat water copper due to more inventory, from 130 in the morning to about 100 near noon, wet law remained firm, there was no large price
adjustment.

Industry News:

1.
Codelco's October production recovered to 150,600 tonnes after September production hit a new low for the year, up 11% month-on-month but down 14%
year-on-year, according to the Chilean Copper Council's monthly report.

2.
According to data released by the General Administration of Customs of China, China's imports of unwrought copper and copper products in November were 456,000 tons, an increase of 8.
6% month-on-month, but a year-on-year decrease of 3%.

China's imports of copper ore and its concentrate in November were 1.
699 million mt, and China's imports of copper ore and its concentrate from January to November were 18.
254 million mt
.

During the day, the main 1902 contract of Shanghai copper rebounded slightly, maintaining a bottom-of-the-bottom trend in the short term, and on the plate, Shanghai copper continued to rebound after bottoming out overnight, but the daily line was still under pressure below
the moving average.
Although China and the United States reached a good consensus at the beginning of the month, the recent Huawei incident continued to ferment, the market is still worried about Sino-US trade frictions, limiting the strength of copper price rebound, and the Ministry of Commerce said that this morning the high-level of China and the United States have exchanged views on the timetable and roadmap for the next economic and trade consultations, and continue to pay attention to relevant developments
.
It is expected that it is difficult for short-term copper prices to fall
deeply.