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Overnight, the Shanghai copper 1702 contract opened at 46930 yuan / ton
.
After the opening, the bulls reduced their positions in copper prices downward and touched 46550 yuan / ton, and then with the upward movement of the external market, some short positions closed safe-haven Shanghai copper back above the daily moving average, the high touched 47180 yuan / ton, the end of the long profit closed, Shanghai copper closed below the daily moving average 46800 yuan / ton, down 190 yuan / ton, the trading volume decreased 322,000 hands to 142804 lots, and the position decreased 3378 hands to 232582 lots
.
Overnight Shanghai copper fluctuated in a narrow range near the daily moving average, and it is expected to range 46500~47200 yuan / ton
today.
Market: On December 1, Shanghai electrolytic copper spot reported a discount of 60 yuan / ton - flat water, and the transaction price of flat water copper was 46620-46820 yuan / ton.
The relatively low price of the Shanghai copper plate has continued to narrow the current copper discount
.
However, the discount range of good copper and flat water copper has narrowed significantly, while the price of wet copper is difficult to follow, and the price difference between it and good copper and flat water copper has further widened, reflecting that wet copper accounts for a relatively large proportion of imported copper recently, and holders are more willing to exchange cash
.
Downstream enterprises still maintain a gradual acceptance sentiment
.
In December, the holders were optimistic about the future market, looking forward to the subsequent receiving capacity of the downstream, and the basis of the next month was still nearly 100 yuan, and it was difficult for the copper quotation to reproduce the state of large discount
.
In terms of inventories: As of November 25, the previous Shanghai copper inventory reported 144063 tons, a sharp weekly increase of 9,525 tons, a third consecutive week, indicating that short-term domestic inventory pressure has climbed
.
Overnight, the main oscillation of Shanghai copper stabilized to 46,800 yuan / ton, as copper prices continued to rise to accumulate pullback risks, and China strengthened housing market regulation, suppressing market optimism, but U.
S.
crude oil futures rose strongly in the past two days, partly driving commodity market sentiment
.
It is recommended that the Shanghai copper 1701 contract can be sold high and low between 46000-47500 yuan, and the stop loss is 600 yuan / ton
each.
