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On Tuesday, the main 2101 contract of Shanghai copper fell slightly, with the highest 57310 yuan / ton and the lowest 56800 yuan / ton within the day, and the closing price of 56930 yuan / ton, down 0.
18% from the closing price of the previous trading day; In the external market, LME copper fluctuated down, as of 15:00 Beijing time, 3-month London copper was reported at $7684 / ton, down 0.
46%
on the day.
Market focus: (1) The US President Trump administration will target a new round of sanctions against Hong Kong, targeting dozens of Chinese officials
.
(2) The Sun, British Prime Minister Boris Johnson is ready to withdraw from trade negotiations
with the EU "within a few hours" at the request of the EU.
(3) Chile's copper exports rose 24.
3% in November to $3.
572 billion
.
Spot analysis: On December 8, spot 1# electrolytic copper was quoted at 56920-57120 yuan / ton, with an average price of 57020 yuan / ton, down 340 yuan / ton
per day.
Yangtze River Nonferrous Metal reported that the willingness of cargo holders to adjust prices is not high, and the downstream wait-and-see just needs consumption, and traders mainly
trade.
Warehouse receipt inventory: Shanghai copper warehouse receipts totaled 28,146 tons on Tuesday, an increase of 226 tons per day; LME copper stocks stood at 150125 tonnes on 7 December, up 450 tonnes
per day.
Main positions: the top 20 long positions of Shanghai copper main 2101 contract are 69339 lots, minus 3302 lots per day, short positions are 76290 lots, daily minus 3608 lots, net short positions are 6951 lots, daily minus 306 lots, long and short are reduced, net space is reduced
.
Market research and judgment: On December 8, Shanghai copper 2101 fluctuated slightly
.
Upstream domestic copper mine inventories have rebounded significantly, while copper ore processing fees TC have remained low, making refinery production costs high; And the arbitrage window is closed, so that the inflow of overseas goods has declined, which has supported copper prices
.
However, the US sanctions bill has led to the heating up of Sino-US friction, coupled with the UK's Brexit negotiations with the EU are on the verge of breaking down again, risk aversion has boosted the dollar index; At the same time, domestic smelting production showed an upward trend, coupled with the recent rise in copper prices, downstream procurement fear of heights increased, inventories rebounded slightly, and copper prices faced resistance
above.
Technically, the Shanghai copper 2101 contract reduced its position, and the long and short trading turned weak, and it is expected that the short-term shock will adjust
.
