Shanghai copper continues to rebound, and the willingness to rise is still strong

Externally: Asian Copper volatility intensified, of which 3-month London copper bottomed out, now down 0.
4% to 5226 US dollars / ton, from the intraday low of 5115 US dollars / ton recovery around 5200 US dollars / ton around a narrow range, the upper rebound resistance focus on 5200 US dollars / ton
.
In terms of positions, on November 4, the position of London copper was 339,000 lots, an increase of 3,076 hands per day, and the increase in the position of London copper in the past two weeks showed that the rise in copper prices had funds to advance, and the difference between long and short increased
.

Macro: The Asian dollar index fell under pressure and fell 1.
51% to around 96.
4 as the dollar sold off as Trump's surprise victory increased uncertainty in the U.
S
.
economy.
Under the interaction of long and short factors, the base metals market remains relatively strong
.
Tonight, we need to pay attention to the interpretation
of the election results in the European and American markets.
In terms of industry information, Russian customs data show that copper exports from January to September this year were 389,500 tons, a year-on-year decrease of 4.
4%.

Trump's unexpected victory in the US presidential election caused the market to react
violently.
Because Hillary Clinton will continue most of the economic policies set by incumbent President Barack Obama and President Trump will borrow heavily to invest in infrastructure, Trump's leading position has led markets to expect that the risks it poses may force the Federal Reserve to delay further interest rate
hikes.
The global market trembled during the day, safe-haven assets such as the yen and gold rose, the dollar plummeted, the global stock market fell sharply, funds flowed into the futures market, bulls returned, and copper prices rose
slowly.

Market: On November 9, Shanghai electrolytic copper spot contracts reported flat water - premium 50 yuan / ton, flat water copper trading price of 41250-41770 yuan / ton
.
Morning futures appeared positive basis state, speculators profit shipments, now copper premium further narrowed to flat water, some speculators continue to enter the market to receive goods, trading once active, later copper basis reappear inverted, holders quotation difficulties, market premium copper supply shrinking, flat water copper quotation slightly up, downstream still not seen into the market, as copper prices rise step by step, market risks gradually intensify
.

The Shanghai copper 1701 contract closed strongly at 41,600 yuan / ton, and the dust finally settled in the US election, although there were some surprises, but after Trump's election, the US dollar index was under pressure to give a strong boost to base metals, and the probability of the Fed's interest rate hike in December declined
.
At present, Shanghai copper is still effectively running above the moving average group, the upward trend of copper prices is still maintaining a good trend, and London copper increased its position, indicating that funds are actively following up
.
In terms of operation, it is recommended that the Shanghai copper 1701 contract can be backed above 41,000 yuan, and the entry is concerned about around 41,200 yuan, with a target of 42,500 yuan / ton
.