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On Thursday, the Shanghai copper shock rose, the whole line turned red during the session, the main month 1902 contract opened at 49040 yuan / ton, the highest intraday 49400 yuan / ton, the lowest 49010 yuan / ton, settled 49190 yuan / ton, closed 49340 yuan / ton, up 100 yuan, or 0.
20%.
In the external market, in the Asian market, the US dollar index was weak and volatile to boost Lun copper, and the latest quotation of London copper at 15:00 Beijing time was 6196 US dollars / ton, up 46 US dollars, or 0.
75%.
In the market, the Yangtze River spot 1# copper price was reported at 49280 yuan / ton, down 130 yuan, premium 110 - premium 150; Shanghai spot 1# copper price was 49215 yuan / ton, down 95 yuan / ton
.
In the spot market, the downstream enthusiasm is still not high, speculators return to rationality, and the transaction is just demand-based
.
Macro news: Draft EU statement: The EU supports the Brexit deal with the UK and is willing to move forward with its amendments
.
but not open to renegotiation; Ministry of Commerce: The EU agreed to open new tariff quotas
for Chinese poultry products.
Industry news: December 12 news, the world's major copper smelters will carry out planned maintenance in 2019, which is expected to reduce refined copper supply, further tightening the market and pushing premiums higher
.
BMO expects a global copper market supply shortfall of 250,000 tons in 2019, which is expected to be roughly balanced this year, and Morgan Stanley expects a shortfall of 240,000 tons
next year.
Shanghai copper showed a gradual rebound trend during the day, with the main contract closing at 49340 points, up 0.
2%.
On the market, short-term Shanghai copper support is 49,000, copper prices touched yesterday's high again today, London copper if it regains a firm position of $6,200, is expected to continue the rebound
.
On the macro front, the British prime minister's vote won, and Italy's new budget launch is positive for the pound sterling, the euro is rising, and the fall of the dollar is good for copper prices; In terms of spot, good copper premium fell to 110 yuan, weakening the support for copper prices
.
It is expected that the recent copper price volatility is strong, and the Shanghai copper pressure level is around
49,500.
