Shanghai copper fluctuated widely, and the market traded lightly

In terms of the external market, London copper opened at 5539 US dollars / ton, after the opening of a large number of long funds retraced, London copper under pressure to fall gradually away from the daily moving average, during the period tried to counter-draw, but subject to the daily moving average counter-pumping failed, copper prices continued to fall, the lower lead pierced the 5-day moving average, recorded a low of 5486 US dollars / ton, the afternoon bears began to close positions, copper prices straight up to recover most of the decline, after recovering the daily moving average around the high consolidation around 5529 US dollars / ton, the European session London copper again retraced to the daily moving average near the consolidation, as of 18:0 0, London copper reported $5518/ton
.
Intraday London copper under pressure on the 40-day moving average wide range oscillation, weekly LME closed for two days, capital retracement sentiment is obvious, is expected to continue to be safe-risk aversion and profit-taking in the evening, maintain volatility, pay attention to the US November new home sales and December University of Michigan consumer confidence index final value
.

On the macro front, the recent increase in the regulation of the property market in many places, the fourth mention at the central level to curb the real estate bubble, the market expects that monetary policy will be tightened in 2017, and the risk of another "radish chapter" in the bond market has also suppressed investor confidence
.
Near the end of the year, liquidity is tightening, the outflow of funds in the futures market is under overall pressure, and the copper consolidation market is expected to continue
.

In terms of the market, Shanghai copper turned up to fall, holders took advantage of the annual closure before increasing shipments, the current copper discount expanded from the previous day, speculators absorbed low-priced sources, but mostly subject to the year-end capital factors, limited market entry, downstream took the opportunity to receive low-priced flat water copper, pressed price into the market, wet copper is still lack of interest, the transaction body turned to downstream enterprises
.
Next week, most of the enterprises will enter the settlement period, and it is expected that the current copper discount state will continue
.
In the afternoon, the volatility intensified, the Shanghai copper probe low rebounded, the high broke through 45,000 yuan / ton, the quotation of copper with tickets decreased significantly, eager for shippers to continue to expand the discount to seek transactions, flat water copper report discount 240 yuan / ton - discount 200 yuan / ton, premium copper report discount 200 yuan / ton - discount 140 yuan / ton, the transaction price is 44400 yuan / ton - 44860 yuan / ton, traders lack of response, only a small amount for downstream on-demand procurement
.

On Friday, the Shanghai copper 1702 contract rebounded under pressure to 45,070 yuan / ton, as London copper inventories have continued to decrease in recent days, partially alleviating the pressure
of the previous sharp rise in London copper.
Overall, Shanghai copper has not rebounded to a high level of oscillation to sort out the upper part of the platform, and the short-term decline risk has not been lifted
.
It is recommended that the Shanghai copper 1702 contract can be backed by 46,000 yuan below the sky, the entry reference is around 45,500 yuan, and the target is 44,000 yuan
.