November 28 copper market brief commentary

On Wednesday, the main contract of Shanghai copper 2001 opened at 47360 yuan / ton in the morning, and maintained a stable trend after the opening, with the center of gravity fluctuating in a narrow range between 47300-47360 yuan / ton until the end of midday; In the afternoon, the trend of Shanghai copper continued to be stable, the center of gravity continued to hover around 47340 yuan / ton, and the end of the session moved slightly up and closed at 47380 yuan / ton, up 290 yuan / ton, or 0.
62%.

The average price of electrolytic copper in Shanghai in the South Reserve: 47340 yuan, up 250, the monthly discount quotation: 80 to 100, up 10
.
Shanghai copper rose sharply, spot market transactions failed to improve significantly, and the sentiment of holders continued to rise
.
In the morning, the monthly ticket flat water copper rose to +80, +90 yuan / ton, good copper +100, +110 yuan / ton, the transaction is still relatively deadlocked
.
In the second trading session, some holders slightly lowered the premium to between +70 and +80 yuan in order to seek
shipments.
The monthly ticket prices in the market are +120 yuan/ton and +140 yuan/ton
.
Overall, the market is still flat, with strong price sentiment and low
consumer demand.
Copper rose 100-110 yuan for the month, up 10; Flat water copper premium 70-80 yuan, flat; Wet copper premium 10-30 yuan, down 15
.

The average price of electrolytic copper in Foshan in Nanchu: 47220 yuan, up 230, the monthly discount quotation: -60 to 0, down 15
.
Guangdong social inventories have accumulated significantly, and due to the release of positive information from Sino-US trade negotiations, Shanghai copper soared overnight, which also put pressure
on the spot market.
Even in the case of expanded basis, flat water copper only reported a discount of 50 in the morning, and good copper reported a premium of 0-10, but the receiver continued to lower the price and there were more shippers in the market, and the overall premium had a downward trend
.
At about ten o'clock, the mainstream of flat water copper was adjusted to 60 discounts, and good copper was traded in flat water, and the transaction was okay
after the price reduction.
Overall, the market supply remained loose, while downstream demand was not good, copper prices rose sharply and further suppressed spot prices, and the overall premium continued to fall by about
20 yuan.

Shanghai copper continued to remain high during the day, mainly due to the continued spread of trade optimism, coupled with the market's increased confidence in the US economy, boosting the market's expectations for the global macro economy, the market's preference for risk assets increased, and the Shanghai copper continued to maintain a stable high level on the day
.
The Shanghai copper closed the solid long Yang column during the day, which has broken through the resistance level of the Bollinger mid-band, and the KDJ indicator is favorable to expand upward, and the technical picture is favorable
.
Continue to pay attention to the upcoming US GDP and other important data to test whether Shanghai copper can continue to stand at a high of
47400 yuan / ton.