Shanghai copper maintains an inertial upward trend in the short term

In terms of external trading, London copper jumped high at 5798 US dollars / ton, commodities rose collectively during the Asian session, London copper soared rapidly, increased positions upward, quickly stood at 5900 US dollars, the rise slowed down, the entire Asian session around 5900-5927 tons of US dollars to do a high consolidation test, intraday touch to 5939 US dollars / ton, into the European session, The dollar rose to 102.
50, hitting a new 14-year high, London copper bulls took profits to close a little breather, London copper retreated, gave up half of the gains, under pressure on the daily average, and then consolidated around 5860 US dollars / ton, as of 18:00, London copper was reported at 5862.
5 US dollars / ton
.
Intraday London copper soared, in the context of global inflation expectations, the power of speculative funds dominates, it is expected that the rise of London copper is difficult to suppress, maintain a bullish idea in the short term, the US Thanksgiving holiday, or will affect part of the speculative capital power
.

In terms of the market, Shanghai copper continued to rise, before the morning market did not start soaring, a large number of speculators because of the bullish copper price into the market to absorb low-priced sources, the transaction was once active, the quotation discount 120 yuan / ton -80 yuan / ton, but around ten o'clock, after the Shanghai copper began to soar, the market quotation expanded to a discount of 160 yuan / ton - discount of 120 yuan / ton, into the second trading session, the opening of Shanghai copper is the price limit of the major contracts across the board, it is difficult for holders to quote, the copper discount fluctuates sharply, the quotation is more disordered, and then the limit board opens, Now copper discount gradually returned to the morning market rational level, discount returned to discount 150 yuan / ton - discount 100 yuan / ton, the monthly pass and the next month pass to maintain the price difference level of 10-20 yuan / ton, the transaction is dominated by middlemen, the downstream in the copper price after the surge to suspend the rhythm of entering the market, waiting for copper prices to stabilize
。 In the afternoon session, due to the high plate, traders are not active in inquiry, due to the market generally bullish copper prices, the holder's quotation is not much different from the morning, flat water copper report discount 150 yuan / ton - discount 130 yuan / ton, premium copper report discount 120 yuan / ton - 100 yuan / ton, the transaction price rose to 48000 yuan / ton - 48300 yuan / ton
.

Overall, the depreciation of the renminbi boosted inflation expectations, which in turn boosted domestic commodity prices
.
This week, colored baton followed black and became the leading sector in the futures market, of which Shanghai copper was the strongest due to the favor of funds
.
Optimistic expectations for U.
S.
and Chinese demand have improved the fundamentals of the nonferrous market, and while the dollar continues to strengthen, industrial metals seem to have chosen to ignore
.
It is important to note the risk
of a pullback after a sharp price rally.