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The LME market continues to be closed today
.
Three-month copper tumbled 1.
08% to $5,469/mt on Friday, closing near the November 18 low set during the year
.
In terms of positions, on December 22, the position of London copper was 362,000 lots, and the weekly sharp decrease was 22,670 lots, indicating that long and short positions actively reduced positions and left the market, and the popularity of the copper market declined
.
Industry information: On December 25, the environmental protection tax law was voted and passed by the 25th meeting of the Standing Committee of the 12th National People's Congress, which is the first separate tax law in China to promote the construction of ecological civilization and will come into force
on January 1, 2018.
The environmental protection tax law passed this time will start with tax leverage, so that enterprises can pay more taxes if they discharge more pollution, and enjoy tax relief
if they discharge less pollution.
In terms of market: on December 26, Shanghai electrolytic copper spot reported a discount of 220 yuan / ton - 140 yuan / ton for the contract of the month, and the transaction price of flat water copper was 43500 yuan / ton - 43860 yuan / ton
.
Most of the enterprises have entered the year-end settlement state, the bill price spread gradually faded out of the market, the market activity decreased significantly, supply and demand were light, the copper basically maintained last week's discount state level quotation, some downstream just need to receive goods, so that the wet copper discount narrowed, the year-end atmosphere gradually thickened
.
In terms of inventories: LME copper stocks reported 334525 tonnes in the week ended December 23, a sharp increase of 27,450 tonnes per week, the second increase in 11 weeks, much higher than the average inventory of 230,000 tonnes during the year, and the high of stocks during the year was 379175 tonnes; As of Dec.
23, Shanghai copper inventories were 134377 tonnes in the previous period, down 9,649 tonnes weekly, the third decline in the past four weeks, indicating a decline
in short-term domestic inventory pressure.
Overnight, the main oscillation of Shanghai copper stabilized to 44120 yuan / ton, and the LME market continued to close today, lacking external guidance, and the trend of Shanghai copper was biased
.
It is recommended that the short-term copper market operation turn from bias to range oscillation
.
The Shanghai copper 1702 contract can be sold high and low in the range of 43800-45000 yuan, with a stop loss of 600 yuan / ton
each.
