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On Friday, the Shanghai copper 1702 contract opened at 46680 yuan / ton, under the influence of China's good inflation data, bears have flowed out, copper prices have been rising, climbing step by step, the highest touched 47570 yuan / ton, a small number of long positions closed at the end of the day, Shanghai copper closed at 47390 yuan / ton at the crosshair.
Shanghai copper back up, the 20-day moving average does not break the premise, Shanghai copper closed out of the crosshair, copper prices did not break the performance, is expected to be a wide range of volatility in the near future, to welcome the arrival of the Fed interest rate hike
.
On the macro front, China's industrial producer price index (PPI) for November rose 3.
3% year-on-year on Friday, beating expectations of 2.
2%.
This is the third consecutive month of positive year-on-year growth of PPI, and the largest macro increase since October 2011, indicating that the momentum of China's economic stabilization and recovery has continued
.
The macro side strengthened, supporting the metal from the midline
.
In terms of the market, on December 9, Shanghai electrolytic copper spot reported a discount of 20-50 yuan / ton, and the transaction price of flat water copper was 46600-47030 yuan / ton
.
Good copper is favored when buying at the dip in the morning, because the supply of good copper continues to be small, but when the quotation of good copper rises to more than 50 yuan / ton, the transaction is weak
.
A small amount of downstream purchases were purchased for weekend production, but the price boost to wet copper was limited, because large households still vigorously produced wet copper, so that the price difference between wet copper and flat water copper remained about
200 yuan / ton.
On the supply side, with a large number of copper concentrates put into production this year, the pressure on capacity release has been eased, and the pressure on the supply side will be reduced
.
In terms of domestic downstream demand, power grid infrastructure investment increased sharply compared with last year, air conditioning production in October increased by 19.
2% year-on-year, refrigerator production increased by 27.
0% year-on-year, continuing to rebound sharply, and the macro trend is also expected to drive downstream demand
.
Last Friday's night market Shanghai copper main oscillation stabilized to 47520 yuan / ton, but as copper prices continue to rise, accumulating pullback risks, and the US dollar index hit a new recent high, increasing the resistance to copper prices, it is recommended that short-term operations need to be cautious
.
It is recommended that the Shanghai copper 1702 contract can be sold high and low between 46500-47800 yuan, and the stop loss is 600 yuan / ton
each.
Near the end of the year, most of the funds are cautious trading, although the trend is still rising, the transaction shows that there is no chasing up funds, London canceled 100,000 tons of warehouse receipts, London domestic inventory decreased, but the price did not continue to rise as in the previous period, showing $5950 above pressure, next year's consumption situation is uncertain, so it is recommended to buy around 45000, low more recommended to hold
.
