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LME copper fluctuated on Wednesday, as of 15:00 Beijing time, the three-month London copper was reported at $5857.
5 / ton, up 0.
06%
per day.
The main 2001 contract of Shanghai copper opened low and downward, with the highest 47060 yuan / ton and the lowest 46970 yuan / ton within the day, and the closing price of 47030 yuan / ton, down 0.
51% from the closing price of the previous trading day; The trading volume was 117,100 lots, an increase of 13,422 lots per day, and the position was 194,500 lots, an increase of 13,424 lots
per day.
The basis was reduced to 20 yuan/ton; The price difference between Shanghai copper from 1912 to 2001 widened to -60 yuan / ton
.
Market Focus: Trump's speech highlighted positive developments in the global trade situation, but did not reveal substantive information
on the U.
S.
-China trade relationship.
Most copper miners in Chile said Tuesday they remained operational, despite some delays and sporadic unrest
amid calls for a general strike and a new day of social protests.
Retail sales of passenger cars nationwide in October reached 1.
843 million units, down 5.
7% y/y and up 3.
5%
m/m.
Spot analysis: On November 13, spot 1# electrolytic copper was quoted at 47010-47090 yuan / ton, with an average price of 47050 yuan / ton, down 75 yuan / ton
per day.
The morning inquiry is active, traders are willing to receive goods at the low, still attracting some traders to actively enter the receipt, the holders insist on firm quotations, downstream bargain buying increases, but the high premium inhibits the downstream market rhythm
.
Copper futures fell sharply, the market circulation supply was limited, trade speculation took the initiative to lead the market buying, and the transaction broke the deadlock pattern at the beginning of the week and improved
significantly from the previous two days.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 64,561 tons on Wednesday, a daily decrease of 637 tons, down for 3 consecutive days; On November 12, LME copper stocks were 229,350 tons, down 4,850 tons per day, down for 9 consecutive days
.
Main positions: the top 20 long positions of Shanghai copper main 2001 contract are 61081 lots, with a daily increase of 2027 lots, short positions of 71988 lots, a daily increase of 4573 lots, a net short position of 10907 lots, a daily increase of 2546 lots, long and short increases, and net space increases
.
Market research and judgment: On November 13, the main force of Shanghai copper opened low and downward in 2001
.
The dollar index continued to run high, Trump did not disclose substantive information on Sino-US trade, triggering market risk aversion, while Chilean copper mine production was limited by the protests, and car sales did not improve significantly, the pressure on copper prices increased, but the recent downward trend in global copper explicit inventories, as well as the decline in China's scrap copper imports, partially supported
copper prices.
In terms of spot, the morning inquiry is active, traders are willing to receive goods at low prices, still attracting some traders to actively enter the receipt, holders persist in firm quotations, downstream bargain buying increases, but high premiums inhibit the rhythm of downstream market entry
.
Technically, the main force of Shanghai copper 2001 contract daily MACD green column increment, mainstream short positions increase large, is expected to be weak
short-term volatility.
