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Overnight, the Shanghai copper 1702 contract opened at 44950 yuan / ton
.
At the beginning of the session, bulls entered the market to push up copper prices to 45130 yuan / ton, and then short positions increased Shanghai copper fell to the daily moving average, testing down 44800 yuan / ton, bulls once again bought copper prices below the daily moving average, and some bulls closed their positions at the end of the day, Shanghai copper closed at 45,000 yuan / ton, up 30 yuan / ton, the trading volume decreased by 237,000 hands to 60,260 lots, and the position decreased by 324 hands to 203042 lots
.
Overnight Shanghai copper near the daily moving average glued long, close a cross, the current 45000 position is still supportive, is expected to operate in today's range of 44800 ~ 45150 yuan / ton
.
Market: According to SMM reports, on December 20, Shanghai electrolytic copper spot reported a discount of 280 yuan / ton - 150 yuan / ton for the contract of the month, and the transaction price of flat water copper was 44550-44670 yuan / ton
.
At the end of the year, holders were strongly willing to exchange cash and return funds, but speculative orders were also scarce due to closure
.
There are sporadic buying intentions downstream, but they are subject to the continuous decline of the market and turn to wait and see
.
In summary, there are far more bidders than inquirers, and there are even fewer receivers, so that today's copper discount has expanded again, and it is expected that the light market at the end of the year will continue
.
Stocks: As of December 16, Shanghai copper stocks in the previous period reported 144026 tons, a weekly increase of 12,076, the first increase in three weeks, indicating that short-term domestic inventory pressure has increased
.
Overnight, the main oscillation of Shanghai copper was sorted out to 45,000 yuan / ton, due to China's high refined copper production, and the sharp increase in copper stocks of nearly 133,000 tons in the past six days, increasing the pressure on copper market supply, it is recommended that the short-term copper market operation is empty
.
The Shanghai copper 1702 contract can be backed by a short high below 46,100 yuan, and the entry reference is around 45,500 yuan, with a target of 44,000 yuan
.
