January 20 Shanghai copper morning review

In terms of market: on January 19, Shanghai electrolytic copper spot traded at a discount of 150 yuan / ton - 40 yuan / ton for the contract of the month, and the trading price of flat water copper was 46430 yuan / ton - 46550 yuan / ton
.
The enthusiasm for receiving goods has gradually cooled down, the inventory status of the holders has gradually come to an end, the market quotations have decreased, the source of good copper is still scarce, the discount has narrowed slightly, the price difference between flat water copper brands is still large, the downstream market entry volume has decreased, the receiving volume has steadily declined, and the market has begun to show a state of supply and demand
tug-of-war.

Inventories: As of January 13, Shanghai copper stocks in the previous period reported 170797 tons, a slight decrease of 764 tons per week, the first decrease in three weeks, but still close to the high set on September 2 last year, indicating that short-term domestic inventory pressure is still large
.

Overnight, the main oscillation of Shanghai copper was sorted out to 46470 yuan / ton, and the performance resisted the decline of London copper, and still oscillated above the moving average group
.
But it also shows resistance to a rebound in copper prices, which are now focused on China's 2016 GDP and other key data
.
It is recommended that the Shanghai copper 1703 contract can be backed above 45800 yuan to bargain price, enter the market reference around 46300 yuan, and target 47200 yuan / ton
.