December 6 Shanghai copper morning review

Market: On December 5, Shanghai electrolytic copper spot reported a discount of 80 yuan / ton - flat water, and the transaction price of flat water copper was 46600-47050 yuan / ton
.
Flat water copper reported a discount of 80-40 yuan / ton, but wet copper due to the dumping of large households and the quotation discount expanded
.
Speculators and downstream were on the sidelines at the beginning of the session, and around 10 o'clock, after the market rose by about 500 yuan / ton, speculators began to look for goods at low prices, which promoted the narrowing of the discount
.
Due to the small proportion of imported copper, the holders of goods remained firm on good copper quotations during the day, resulting in the highest rise in good copper quotations to flat water
.
The downstream stock has been carried out before, so there is no chasing impulse on the high start of the plate
.

Stocks: As of December 2, Shanghai copper stocks in the previous period reported 135363 tons, a sharp decrease of 8,700 tons per week, the first reduction in four weeks, indicating a slight decline in short-term domestic inventory pressure
.

Overnight, the main force of Shanghai copper rose strongly to 48230 yuan / ton, as China's service PMI performed well in November, and the market's reaction to the failure of the Italian referendum was very light, the technical last copper effectively stabilized above the moving average group, copper prices still continued the recent upward trend, the intrinsic willingness to rise is strong
.
It is recommended that the Shanghai copper 1702 contract can be backed above 47,300 yuan to bargain hunt, the entry reference is around 47,800 yuan, and the target is 49,000 yuan
.