December 3 copper market brief commentary

On Monday, the main contract of Shanghai copper 2001 opened high at 47240 yuan / ton in the morning, affected by the domestic Caixin manufacturing PMI in November exceeded expectations, the market sentiment was optimistic, the bulls actively entered the WTO, Shanghai copper continued to rise to the highest level of the day around 47370 yuan / ton, but due to the current Sino-US trade situation uncertainty, market confidence is insufficient Shanghai copper is difficult to go further higher, and then the center of gravity fell slightly back to around 47300 yuan / ton until the end of the afternoon, the afternoon market trend is stable, the center of gravity is basically stable at 47300 yuan / t / Near tons, the end of the session closed at 47300 yuan / ton, up 20 yuan / ton, or 0.
04%.

The average price of electrolytic copper in Shanghai in Nanchu: 47350 yuan, up 60, the monthly discount quotation: 90 to 110, up 25
.
Shanghai copper opened higher during the day, and spot premiums rose and remained firm
.
The overall flat water copper quotation in the market remained at +90, +100 yuan / ton line, good copper quotation at +110, +120 yuan / ton line, good copper flat water copper price spread has a certain compression, the transaction is relatively deadlocked
.
At the beginning of the month, the sentiment of holders was high, and the premium rose to a certain extent, but the activity of traders was still insufficient, and the Shanghai copper plate remained at a high level to inhibit downstream market buying, and the market was relatively cold
.

The average price of electrolytic copper in Foshan in Nanchu: 47250 yuan, up 50, the monthly discount quotation: -30 to 30, up 15
.
After the change of month, the enterprises have sufficient funds, and the transaction enthusiasm has improved significantly compared with last Friday; And the inventory has declined, holders generally hold up the price of shipments, there is -40 pc outflow in the morning, soon killed by seconds, and then the premium gradually moved up, and even there is a trade quotation -20pc but lack of consumption support The transaction is not good, and the mainstream transaction price of the last level copper is -30
.
In addition, traders at the beginning of the month have the desire to re-close the order, so that the trading price of good copper has gradually moved up, and the mainstream transaction price of good copper is 30
.
In general, the premium copper rose by 10 yuan to the current month's premium of 20-30 yuan; the flat water copper discount was 30-40 yuan, up 20
.

At present, Shanghai copper is closing in the sun, KDJ indicators are expanding downward, and there is still pressure
on the technical point of view.
PMI data from many countries will be released soon, testing whether Shanghai copper can further stand at 47,300 yuan / ton
.