Shanghai copper enters a wide range of oscillations The rebound space may be limited

Externally, London copper opened at 5800 US dollars / ton, during the Asian session London copper around the daily moving average wide range oscillation, intraday low to 5763 US dollars / ton, China announced that the official manufacturing PMI in November equaled the four-year high, Caixin manufacturing PMI is the second highest in two years, London copper bulls rushed in, copper prices slowly went higher, after breaking through the 5-day moving average, causing a large number of bears to close their positions, copper prices rose straight up to 5870 US dollars / ton, the high attracted bulls to close their positions, copper prices instantly fell back to the daily average for a short stay, During the European session, London copper once again tested lower, the center of gravity fell back to around 5780 US dollars / ton, as of 18:15, London copper reported 5783 US dollars / ton
.
During the day, London copper rushed back down, the 5-day moving average showed pressure, and it is expected that London copper will still be stuck in the 5-10-day moving average range, mainly in a wide range
.

On the macro front, the dollar fluctuated and crude oil soared
.
The central price of the renminbi fell by 93 points, ending a three-day winning
streak.
The manufacturing PMI continued to rise in November, reflecting a further recovery in production and market demand, and the strengthening of enterprises' willingness to purchase, with the production index and new orders index at 53.
9% and 53.
2%, up 0.
6 and 0.
4 percentage points respectively from the previous month, both hitting this year's high.

Too many
messages.

In the market, the Shanghai copper rebounded slightly from the low, and the relatively low price of the market continued to narrow the current copper discount
.
However, the discount range of good copper and flat water copper has narrowed significantly, while the price of wet copper is difficult to follow, and the price difference between it and good copper and flat water copper has further widened, reflecting that wet copper accounts for a relatively large proportion of imported copper recently, and holders are more willing to exchange cash
.
Downstream enterprises still maintain a gradual acceptance sentiment
.
In December, the holders were optimistic about the future market, looking forward to the subsequent receiving capacity of the downstream, and the basis of the next month was still nearly 100 yuan, and it was difficult for the copper quotation to reproduce the state of large discount
.
In the afternoon, the market continued to rise, and the holders took the initiative to expand the discount, flat water copper newspaper discount 80 yuan / ton - discount 50 yuan / ton, good copper newspaper discount 40 yuan / ton - discount 20 yuan / ton, the transaction price is 46780 yuan / ton - 47080 yuan / ton
.
Copper rose again to more than 47,000 yuan / ton, and the discount did not reach more than 100 yuan, which made downstream and intermediate traders stop, and the transaction was not as good as in the morning
.

On the whole, the surge in crude oil has helped copper prices, in addition, the December dollar interest rate hike window is approaching, but because it is within market expectations, it is expected to be difficult to form a large negative
for copper prices.
Boosted by the sharp rise in oil prices, non-ferrous metals such as copper and aluminum took the opportunity to rebound, but because the fundamentals of the non-ferrous market are still not stable enough, the rebound space is limited
.