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The Shanghai copper 1703 contract opened higher at 44,210 yuan / ton on Tuesday, and China reported that the profit of industrial enterprises above designated size in November was 14.
5% year-on-year, higher than the previous value of 9.
8%.
。 The growth rate is the second highest this year, after the opening in the warm data boosted, Shanghai copper bulls have increased positions in, pulling up copper prices to 44560 yuan / ton after a small number of long outflows, copper prices slightly down, after being supported above the daily moving average, stabilizing around 44400 yuan / ton, short positions have closed in the afternoon, pushing up copper prices ladder upward, the high recorded 44850 yuan / ton, after touching the 5-day moving average, long positions closed outflow, Shanghai copper closed at 44720 yuan / ton at the big white line, up 440 yuan
。
Market: Shanghai copper rebounded slightly, the market trading at the end of the year was weak, the supply of copper is abundant, especially the low-end source price adjustment initiative to seek transactions, so that the price difference between good copper and flat water copper widened, wet copper supply is scarce, quotation is firm, and flat water copper price difference is limited, large and medium-sized enterprises have entered the state of closure, market participation is mostly small and medium-sized traders, and the actual transaction is scarce
。 In the afternoon, the plate rose, the cargo holders expanded the discount, flat water copper discount reported 300 yuan / ton - 260 yuan / ton, good copper reported discount 220 yuan / ton - discount 190 yuan / ton, the transaction price was reported 44200 yuan / ton - 44360 yuan / ton, some of the downstream market inquiry just needed, there is a willingness to buy, although there is room for price reduction, but because the plate recovery is large, still more cautious wait-and-see, waiting for guidance after the return of Lun copper
.
Industry: China Natural Resources Limited (CHNR) announced that it has completed the acquisition of Planta Metalurgica Antay Pacha S.
A.
in Bolivia
.
Antay Pacha offered to operate a copper smelter in western Bolivia
.
The smelter is largely completed and Antay Pacha is in the final licensing process
.
The copper smelter is expected to start trial operation in the second quarter of 2017 and start full commercial production in the fourth quarter
of 2017.
Once operating at full capacity, the project has a designed capacity of 3,000 tonnes
of electrolytic copper per year.
The message is neutral
.
On the whole, there is no news stimulation in the near future, the logic has not changed, near the end of the year, there is a demand for funds to return and spot dealers continue to discount in the expectation of increasing it years ago, and copper prices are difficult to rise
sharply in the short term.
The fundamentals of supply and demand have not changed much, and China banned the import of copper from North Korea since the 24th, but due to the relatively low volume account, it is expected to have little impact
.
In terms of spot, the supply of wet copper is scarce, the quotation is firm, the price difference with flat water copper is limited, large and medium-sized enterprises have entered the closing state, the market participation is mostly small and medium-sized traders, and the actual transaction is lacking
.
