November 11 Shanghai copper morning review

Market: On November 10, Shanghai electrolytic copper spot contracts reported a premium of 650 yuan / ton - 1100 yuan / ton, and the transaction price of flat water copper was 44600-44950 yuan / ton
.
The major contracts of Shanghai copper rose across the board, and the import loss increased, making it difficult for spot holders to cope for
a while.
Later, the holders of goods shipped one after another, partly due to the amount of import losses, and the quotation soared to more than
1,000 yuan / ton.
The other part only approves the current copper premium quotation with customers, and the general quotation is 100 yuan / ton - 200 yuan / ton
of premium.
After the sharp rise in copper futures, the spot market gradually began to show signs
of lack of follow-up.

Inventory: As of November 4, the previous Shanghai copper inventory was reported at 97,839 tons, a weekly decrease of 4,709 tons, far lower than the average inventory value of 229,000 tons during the year, indicating that the pressure on domestic stocks is much weaker than that of foreign countries
.

Overnight, Shanghai copper jumped high again, closing up to 44920 yuan / ton, but the high rise continued weakly, as the market gradually digested Trump's future possible increase in the US infrastructure construction brought by the boost, short-term copper prices too fast and too rapid rise, need to be wary of high profit-taking pressure
.
Operationally, it is recommended that the Shanghai copper 1701 contract can further reduce its holdings around 45,000 yuan, and pay attention to the re-establishment of long opportunities to re-establish near 43,000 yuan, which should not be shorted
for the time being.