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Yesterday, Shanghai copper maintained a high level, hit a new half-year high during the session, and gradually fell at the close, CU2002 closed at 49260 yuan / ton, up 0.
63%.
Yesterday's Shanghai copper overnight high volatility, the main contract closed at 49180
.
The positive market sentiment has driven copper prices to be strong overall, but the positive is basically reflected in the price, and the price continues to have insufficient upward momentum
.
Industry News:
1.
News on December 17, the monthly report released by the World Metal Statistics Bureau (WBMS) on Tuesday showed that the global copper market supply shortage was 187,000 tons from January to October 2019, and the shortage was 275,000 tons in 2018
.
During October, reportable inventories increased by almost 790,000 tonnes above the end of 2018
.
In the first 10 months of this year, COMEX copper stocks fell by 67,500 tons
.
From January to October, global mine copper production was 17 million tons, 1.
4%
higher than the same period last year.
Global refined copper production was 19.
42 million tonnes, down 0.
8%
year-on-year.
2.
It is reported that Jiangxi Copper and Zambian crude copper producer Qianbixi, a subsidiary of CNMC, signed a 2020 CIP import crude copper long order Benchmark of 128 US dollars / ton, which is much lower than last year's 165 US dollars / ton
.
From a fundamental point of view, domestic social inventories continued to decline, bonded zone inventories rebounded slightly, overseas LME inventories continued to fall, and global explicit inventories continued to decline, supporting copper prices
.
Domestic smelting capacity is currently stable, but under the low profit cycle, the potential risk of smelter production and operation is high, and the subsequent continuous attention to changes
in operating capacity is high.
We believe that the short-term copper price continues to have limited upward space, and it is recommended to take profit at the high, and the option bull spread strategy can continue to be held
.
