Shanghai copper first suppressed and then rose, and the overall pattern of strong shocks was maintained

In terms of external disks, today's LME March copper first fell and then rose
.
It opened at $5,886 in the morning, fell slightly to a low of $5,850.
5 before rebounding slightly, remained volatile at noon, slowed down after a pulsive rise at midday, and rose to a maximum of $5,950 at the end of the day, closing at $5,935 during the domestic trading session
.

Macro aspect: In order to maintain reasonable and sufficient liquidity in the banking system and hedge and maintain stable funds, the central bank carried out MLF operations totaling 339 billion yuan
.
From the perspective of volume, the central bank has continuously made a net withdrawal in the open market in recent days, and the central bank has released MLF to hedge and maintain stability; From the perspective of duration, the central bank's MLF operation reflects its policy intention to "shorten and lengthen" in addition to maintaining stable funds, and moderately raise the cost of market funds; From an operational point of view, the central bank's attitude towards the interest rate center remains unchanged
.
Overall, the neutral tightness of the capital side is still a trend
.
At the same time, the recent gradual recovery of the renminbi has helped ease the upward pressure
on bond market interest rates.
The pullback of the US dollar played a stimulating role in commodity market prices, domestic black series soared again, and non-ferrous metals rose
sharply at midday.

Market: today's market supply is more, imported brands are sufficient, imports are relatively favorable, wet copper still continues to be low prices, traders purchase a small amount of good copper and flat water copper, downstream manufacturers for copper prices are still on the sidelines, coupled with the end of the year tight capital and other factors, procurement enthusiasm is weak
.
The afternoon premium is basically the same as in the morning, with good copper reported at B10-B30 yuan, flat water copper C30-B00 yuan, and wet copper newspaper at about C200-C180 yuan
.
According to the survey results of the Shanghai Nonferrous Metals Trading Center, most traders hold a volatile view, and a small number of traders hold an upward view
.

News: Global mining giant Rio Tinto said on December 6 that the copper market is expected to have a supply gap by 2020, just in time for Rio Tinto's Oyu Tolgoi copper-gold mine in Mongolia to be put into operation
.
In June, Rio Tinto and its partners finally approved a US$5.
3 billion expansion of Mongolia's Oyu Tolgoi copper-gold mine, paving the way
for the development of what could become the world's third-largest copper mine.

Today's Shanghai copper main contract fell slightly in early trading, and increased its position sharply in the afternoon
.
The stable domestic economic situation is favorable to the downstream demand for copper next year, and Shanghai copper as a whole still maintains a strong and volatile pattern
.
It is recommended that the Shanghai copper 1702 contract can be bought above the 10-day line on the dip, and the stop loss refers to 47300 yuan / ton
.