Shanghai copper intraday shock sorting basically maintained overnight gains

Externally: The LME market resumed trading today, and London copper retreated and performed weaker than Shanghai copper, of which the three-month London copper rose 1.
33% to $5542/ton, closing close to the low set on November 18 this year
.
In terms of positions, on December 22, the position of London copper was 362,000 lots, and the weekly sharp decrease was 22,670 lots, indicating that long and short positions actively reduced positions and left the market, and the popularity of the copper market declined
.

Macro: The Asian dollar index oscillated to around 102.
95, still running at a high level, while U.
S.
crude oil futures stabilized around $53.
9/barrel, maintaining the gains recorded at the beginning of the week
.
According to the National Bureau of Statistics, from January to November, the total profit of industrial enterprises above designated size in the country increased by 9.
4%, and the growth rate was 0.
8%
faster than that from January to October.
In November, the profits of industrial enterprises above designated size increased by 14.
5% year-on-year, and the growth rate was 4.
7%
faster than that in October.
On the industry front, Sergei Chemezov, chief executive of Russian state-owned giant Rostec, said it had decided to sell copper concentrate to mining giant Norilsk Nickel
for 67.
5 billion rubles ($1.
1 billion).

In terms of market: on December 28, Shanghai electrolytic copper spot traded at a discount of 300 yuan / ton - 180 yuan / ton for the contract of the month, and the trading price of flat water copper was 45100-45460 yuan / ton
.
At the end of the year, the market trading is quiet, the supply of goods is scattered, the wet copper source is lacking, there is no price difference with flat water copper, and the people who enter the market are also rare, and the downstream is mainly a small amount of rigid demand, and the demand for the source of goods in the month, the atmosphere at the end of the year is strong
.

The Shanghai copper 1702 contract rebounded to 45,540 yuan / ton during the day, which performed better than other base metals, indicating that its intrinsic willingness to rise is strong
.
However, because Shanghai copper has not effectively broken through the upper moving average suppression, and there is a lack of market attention in the short term, copper market operations still need to be cautious
.
It is recommended that the Shanghai copper 1702 contract can be sold high and low between 45000-46500 yuan, and the stop loss is 500 yuan / ton
each.