December 6 copper market brief commentary

On Thursday, the main contract of Shanghai copper 2001 opened at a low level of 47200 yuan / ton in the morning, and then the bulls reduced their positions one after another, and the center of gravity moved slightly down to around 47150 yuan / ton until the end of midday; After briefly remaining stable at 47150 yuan / ton at the opening in the afternoon, it then rose slightly and returned to around 47200 yuan / ton, and closed at 47200 yuan / ton, up 220 yuan / ton, or 0.
47%.

The average price of electrolytic copper in Shanghai in Nanchu: 47280 yuan, up 190, the price of the month's liter discount: 180 to 190, up 30
.
The slight rebound of copper prices has little impact on spot premiums, and the continuous shortage of circulating supplies has led to the unabated sentiment of holders and gradually rising
premiums.
The overall quotation of flat water copper market in the morning remained at about +180 yuan / ton, and some transactions were at +170 yuan / ton, and good copper reported +180, +190 yuan / ton or so, continuing to maintain a small price difference
with good copper.
Intraday trading maintained a relatively stable performance, but the rebound in copper prices had a certain impact
on downstream buying.
Copper rose 30 yuan to the month's premium of 180-190 yuan; flat water copper premium 170-180 yuan, up 25; Wet copper premium 90-100 yuan, up 30
.

The average price of electrolytic copper in Foshan in Nanchu: 47150 yuan, up 190, the monthly discount quotation: 30 to 80, up 25
.
Inventories fell rapidly, and holders continued to raise prices, with flat water copper beginning to report +30, and good copper at +70, +80
.
Due to the sharp rise in copper prices, the market is generally happy, flat water copper is partially traded at +30, and the mainstream of good copper is traded at +80 yuan, which is not smooth
overall.
However, the willingness of holders to reduce prices is also low, and Pingshui copper premium sticks to the +30 line, and even some quotations are raised to +40
.
Overall, spot prices continued to rise rhythmically, but copper prices rose sharply, which once inhibited downstream procurement, and the overall trading atmosphere was weak, falling from the previous day
.

The center of gravity of Shanghai copper shifted slightly downward during the day, mainly because the optimism of the trade war was gradually digested by the market, and the poor performance of the US economic data suppressed the market's macroeconomic expectations, and the national strike in France in Europe also had an adverse impact on the European economy.

At present, Shanghai copper is closing in the sun, the KDJ indicator opening converges, and the technical perspective continues to rise and the momentum is insufficient
.