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The dollar rose sharply overnight, and non-ferrous metals fell under pressure
.
London copper fell to close in the negative, closing below
$6,100.
Shanghai copper overnight high fell back to close the small black line, trading positions are low, copper market wait-and-see sentiment is strong, today may still continue to test the support around 48700 below
.
Shanghai copper has an upper pressure of 50000 and a medium-term uptrend line of 48700
below.
A break below support around 48700 could enter a medium-term downtrend to the previous low around
47000.
On the macro side, overnight, the British Prime Minister postponed the Brexit agreement vote to restart negotiations, the pound hit a 21-month low, the dollar rebounded, and the colored sector as a whole showed a weak trend
.
Domestically, China's broad passenger car sales fell for six months in November, or the first annual sales decline in 20 years, and the market is still short
on the domestic macro side.
Fundamentals, LME stocks fell by 1,950 tons to 122,000 tons, LME inventories continued to decline, spot end slightly premium; domestically, spot end premium maintained above 110 yuan / ton, good copper premium continued to expand, upstream price willingness is strong, but downstream consumption is generally weak
.
In summary, macro bearish slightly dominant, fundamentals are bullish, copper price selling pressure continues to increase
.
