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Today's Shanghai copper 1702 contract opened at 46650 yuan / ton, after the opening of the bears tentatively increased positions, copper price short-term low to 46270 yuan / ton, and then bulls launched a more violent attack, copper prices are like a broken bamboo, all the way through the 5, 10-day moving average, touched to 47630 yuan / ton, a small number of long profit outflow at the end of the day, Shanghai copper closed at 47360 yuan / ton at the long white line, up 710 yuan / ton
.
Today's Shanghai copper broke to the upside, after the financial pressure was eased, the copper rebounded sharply, and there may still be upside in the later period
.
In the evening, you can pay attention to the US Employment Market Conditions Index (LMCI) and the ISM Non-Manufacturing Index
for November.
Abroad, the US non-farm payrolls data released on Friday was slightly lower than expected, but the unemployment rate fell to a 9-year low, the data was mixed, today's dollar index is weak and volatile, international metals are rising, London copper high consolidation, as of 16:00 Beijing time, London metal (LME) copper latest quotation of $5859, up $
70.
Watch for the evening US ISM non-manufacturing index for November and the November labor market conditions index
.
In terms of the market, today's Yangtze River spot 1# copper reported 47010 yuan / ton, up 560 yuan / ton from the previous trading day, and the premium was 0 to 20; Guangdong spot 1# copper price reported 47050 yuan / ton, up 600 yuan; Huatong spot 1# copper price was 47035 yuan / ton, up 560 yuan / ton
.
Shanghai area 1# electrolytic copper 46950 yuan / ton, up 600 yuan, flat water copper transaction 46825 yuan up 525, premium copper transaction 46860 up 525; Today's domestic spot copper prices have risen, holders are actively shipping, downstream appropriate replenishment, and market transactions have improved
.
Industry news: Turquoise Hill Resources Ltd said on Friday it had suspended shipments of its OyuTolgoi concentrate, the country's largest copper-gold mine in southern Mongolia, due to problems
with transit routes.
Located just 80 kilometers from the Chinese border, the Oyu Tolgoi copper-gold mine is one of the biggest drivers of
Mongolia's economy.
The mine is known as a world-class mining project
.
At present, all the primary processing products of copper ore are exported to China, and the electricity used is also supplied by China, and the Chinese market is of great significance
to Mongolia to realize the strategy of "rejuvenating the country through mining".
Turquoise Hill said shipments were suspended on Thursday after a new requirement at the Sino-Mongolian border that coal and concentrate shipments would use the same route resulted in long wait times and increased threats
to the safety of people and property.
On the whole, considering the increasing uncertainty of the global economy, the supply and demand side has improved slightly, but the support for copper prices is limited, and there is still a downside risk
in the future market.
In terms of operation, it is recommended that investors take profit and leave the market in the early stage, those who have not entered the market wait and see for the time being, and activist investors light positions to lay out short orders, paying attention to the Fed's interest rate decision and changes
in market sentiment.
