November 21 copper market brief commentary

On Wednesday, the main contract of Shanghai copper 2001 opened at 47190 yuan / ton in the morning, and the center of gravity basically ran above the daily moving average after the opening, and fluctuated around 47160 yuan / ton until the end of midday; In the afternoon, the market trend was slightly weak, briefly stable around 47150 yuan / ton after the opening, and then some bulls took profits and left the market, and fell at the end of the session and closed at 190 yuan / ton, up 0.
41%.

In terms of the market, Shanghai electrolytic copper spot contract reported a premium of 100 ~ 140 yuan / ton, a flat water copper trading price of 47160 yuan / ton ~ 47190 yuan / ton, and a premium copper trading price of 47180 yuan / ton ~ 47220 yuan / ton
.

Overnight, London copper rose sharply, Shanghai copper was boosted and returned to above 47,000 yuan / ton, intraday Shanghai copper hovered
along the line of 47,100 yuan / ton.
Spot market holders are willing to exchange cash at high prices, the quotation premium is 110 ~ 140 yuan / ton, but the market willingness to receive goods is low, few transactions, holders have no choice but to lower the quotation, flat water copper directly dropped to 100 yuan / ton, good copper quotation from 140 liter to 120 yuan / ton of near 120 yuan, after a few days of low replenishment, downstream consumption is afraid to stop
.
Copper rises, market trade speculation and downstream consumption are showing a cautious wait-and-see attitude, more shippers receive less goods, and there is room for price reduction, CESCO meeting, market trade atmosphere is weak, the delivery source will gradually flow out after the week, spot premium and then lift pressure
.

Shanghai copper as a whole ran above the 47,000 mark during the day, at a relative high in recent days, mainly because the central bank once again lowered the one-year and five-year LPR interest rates, and cut them by 5 basis points, showing the central bank's determination
to strengthen counter-cyclical regulation.
Shanghai copper was guided by the positive signal, and the daily session hovered around
the 47100 mark as a whole.