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LME copper rose sharply on Thursday, and as of 15:40 Beijing time, the three-month London copper was at $5,932 / ton, up 0.
81%
on a daily basis.
The main 1912 contract of Shanghai copper opened high and downward, with the highest 47330 yuan / ton and the lowest 47060 yuan / ton during the day, and the closing price of 47150 yuan / ton, down 0.
08% from the closing price of the previous trading day; The trading volume was 78,000 lots, a daily decrease of 40,744 lots, and the position was 183,100 lots, a daily decrease of 8,128 lots
.
The basis was reduced to -30 yuan/ton; The price difference between Shanghai copper from 1912 to 2001 widened to -100 yuan / ton
.
Market focus: The Commerce Ministry said the United States and China agreed to phase out tariffs
as the agreement progresses.
The Zambian government on Wednesday canceled a controversial plan to allow the construction of a large copper mine
in a national park on the banks of the Zambezi River.
Spot analysis: On November 7, spot 1# electrolytic copper was quoted at 47080-47160 yuan / ton, with an average price of 47120 yuan / ton, down 215 yuan / ton
per day.
Downstream in the case of copper prices falling more than 200 yuan, slightly increased the amount of purchases, although Shanghai copper has a pullback, but the market generally has a cautious bearish view on the future market, the next month price difference remains in the range of 70-80 yuan / ton, the first half of the week of more than 100 yuan of premium pattern shows that the pressure of shipment for cash is also expected, but traders to reduce the price in the low premium replenishment willingness remains unchanged
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 67,728 tons on Thursday, a daily decrease of 1,383 tons; On November 6, LME copper stocks were 241925 tons, down 6,075 tons per day, five consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 1912 contract were 54557 lots, minus 2326 lots per day, short positions were 66979 lots, daily minus 3157 lots, net short positions were 12422 lots, daily minus 831 lots, more increase and decrease, net space decreased
.
On November 7, the main force of Shanghai copper 1912 opened high and down.
The trend of the US dollar index is strong, and the downstream demand performance is weak, there is pressure on copper prices, and the Sino-US trade situation is good news, the possibility of reaching an agreement between the two sides is increasing, market risk sentiment returns, the current upstream copper mine production status is frequent, the market copper supply concerns still exist, while China's scrap copper import approval has shrunk sharply, raw material supply is tight, which is good for copper prices
.
In terms of spot, downstream in the case of copper prices fell by more than 200 yuan, slightly increased the amount of purchases, although Shanghai copper has a pullback, but the market generally has a cautious bearish view on the future market, traders to reduce prices in the low premium replenishment willingness remains unchanged
.
Technically, the main 1912 contract of Shanghai copper is longer and lower shadow, focusing on the support at the 46900 position, and it is expected that the short-term low will recover
.
Operationally, it is recommended that the Shanghai copper 1912 contract can be long around 47100 yuan / ton, and the stop loss is 46900 yuan / ton
.
