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On Wednesday, the main 2101 contract of Shanghai copper opened low and went high, with the highest 57480 yuan / ton and the lowest 56670 yuan / ton during the day, and the closing price was 57250 yuan / ton, up 0.
56% from the closing price of the previous trading day; In the external market, LME copper encountered obstacles to the upside, as of 15:00 Beijing time, the 3-month London copper was reported at $7750 / ton, up 0.
51%
on the day.
Market focus: (1) Negotiations on stimulus in the United States continue after a $908 billion proposal by bipartisan lawmakers encountered the same obstacles
as in previous negotiations.
(2) It is reported that the EU's chief Brexit negotiator Barnier said that there is very little hope of reaching an agreement with the UK by the end of the year
.
(3) SMM reported that China's electrolytic copper production in November was 831,700 tons, an increase of 1.
23% month-on-month and 4.
11% year-on-year; Production in December is expected to be 861,200 tons, an increase of 3.
55% month-on-month and 6.
91%
year-on-year.
Spot analysis: On December 9, spot 1# electrolytic copper was quoted at 57200-57340 yuan / ton, with an average price of 57270 yuan / ton, a daily increase of 250 yuan / ton
.
Yangtze River Nonferrous Metal reported that the willingness of cargo holders to hold prices, the wait-and-see mood is strong, the downstream just demand is the mainstay, and the overall transaction is flat
.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 29,349 tons on Wednesday, an increase of 1,203 tons per day; On December 8, LME copper stocks were 149625 tonnes, down 500 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2101 contract were 68476 lots, minus 863 lots per day, short positions were 76192 lots, daily minus 98 lots, net short positions were 7716 lots, daily increase of 765 lots, long and short were reduced, net short increased
.
Market research and judgment: Shanghai copper 2101 opened low and went high on December 9
.
The uncertainty of the US stimulus package, coupled with the high risk of a no-deal Brexit, made the dollar index stop falling and stabilize.
Upstream domestic copper mine inventories continued to rise, while copper ore processing fees TC remained low, resulting in high refinery production costs, but the inflow of high-grade scrap copper increased, making electrolytic copper production continue to rise, and the downward trend of inventory slowed down
.
Downstream market demand maintained a good performance, among which cable companies started to maintain a high level, making short-term supply and demand show a tight balance, supporting copper prices to maintain a high level
.
Technically, the Shanghai copper 2101 contract reduced its position, and the long-short trading turned weak, and it is expected that the short-term shock adjustment
.
