November 29 Copper Market Brief Review

On Thursday, the main contract of Shanghai copper 2001 opened at 47390 yuan / ton in the morning, and the opening was a gap, mainly due to the uncertainty of the Sino-US trade situation increasing again, the market risk aversion heated up, resulting in the offshore yuan fell sharply against the US dollar by 78 points, Shanghai copper opening bulls immediately quickly reduced their positions and left the market, and then the center of gravity fluctuated between 47320-47370 yuan / ton until the end of midday; The center of gravity at the opening in the afternoon showed a stepwise downward, the lowest was down to around 47290 yuan / ton, and the end of the session rose slightly and closed at 47350 yuan / ton, up 80 yuan / ton, or 0.
17%.

The average price of electrolytic copper in Shanghai in the South Reserve: 47350 yuan, up 10, the monthly discount quotation: 70 to 90, down 10
.
Market consumer demand has continued to remain at a low level in the near future, and the sentiment of holders to support prices has remained high, and it is difficult to reduce significantly
.
The overall quotation of the intraday market was basically the same as in previous days, flat water copper remained at +70, +80 yuan / ton about the transaction, good copper price in +90, +100 yuan / ton line, downstream just demand as the main transaction power, traders are not very active
.
The market is likely to continue its recent performance, and it is unlikely to improve significantly, and it may improve
slightly early next month.
Copper rose 90-100 yuan for the month, down 10; Flat water copper premium 70-80 yuan, flat; Wet copper premium 10-30 yuan, flat
.

The average price of electrolytic copper in Foshan in Nanchu: 47230 yuan, up 10, the monthly premium quotation: -70 to -10, down 10
.
Shanghai copper fluctuated at a high level, and the recent monthly difference remained at about 100 yuan, and the holders began to ship at a high price, flat water copper reported -50, good copper +0, +10
.
Near the end of the month, downstream demand is quiet, traders want to continue to lower prices to receive goods, flat water copper mainstream dropped to 70 transactions, good copper discount 0-10 transactions, the overall transaction is not smooth, in addition, some holders of large stickers also choose to cover the sale
.
By the second trading session, traders' willingness to receive goods suddenly increased, large households received goods one after another, and the flat water copper discount narrowed to about -50, and the low-price source transaction was better
.
Overall, downstream demand weakened at the end of the month, but as the basis was better to boost market speculation, traders began to enter the market to receive goods, and intraday trading first decreased and then rose
.

At present, Shanghai copper closed negative, KDJ indicator opening downward, technical point of view there is still resistance, pay attention to the impact of the uncertainty of Sino-US trade caused by Trump's signing of the Hong Kong-related "bill" on copper prices, while European economic data is about to be released, testing whether Shanghai copper can continue to hold 47300 yuan / ton
.